Man Who Spent Millions on Rare Pokémon and Magic Cards Found Guilty of Stealing Over $50 Million in Crypto

Live updates

1. 1h ago

   Crypto Hacker Convicted in $55M Theft and Card Spree

   A Manhattan federal jury convicted a Maryland cybersecurity consultant of computer fraud and money laundering after he stole over $50 million in cryptocurrency from the decentralized finance exchange Uranium Finance. Prosecutors proved that Jonathan Spalletta exploited code vulnerabilities to siphon user funds, subsequently laundering the stolen digital assets. He used portions of the illicit proceeds to purchase rare collectibles, including high-end Pokémon cards, Magic: The Gathering cards, and a Roman coin. The defendant now faces up to 20 years in prison on a money-laundering charge following the verdict reached on Wednesday, October 7.

   Why it matters

   The case highlights vulnerabilities within decentralized finance exchanges and the methods perpetrators use to launder digital assets through high-value physical collectibles. Investigators tracked the illicit funds from the Uranium Finance exploit directly to the defendant's luxury card purchases. This trial concludes federal proceedings regarding the multi-million-dollar cyberattack.

   What is confirmed

   • A Manhattan federal jury convicted a Maryland cybersecurity consultant named Jonathan Spalletta on Wednesday, October 7.
   • The defendant was found guilty of computer fraud and laundering over a hack of DeFi exchange Uranium Finance.
   • The theft involved stealing over $50 million in cryptocurrency, with estimates varying around $53 million to $55 million across reports.
   • Spalletta used weak spots in the exchange's code to trick the system into paying out funds belonging to other users.
   • Stolen funds were converted into rare Pokémon cards, Magic: The Gathering cards, and a Roman coin.
   • The defendant faces up to 20 years in prison on a money-laundering charge.

   What to watch next

   • The scheduling of Jonathan Spalletta's sentencing hearing in Manhattan federal court.
   • Potential asset forfeiture proceedings regarding the recovered rare Pokémon and Magic: The Gathering cards.
   Sources used for this update (14)

   1. Gizmodo — Man Who Spent Millions on Rare Pokémon and Magic Cards Found Guilty of Stealing Over $50 Million in Crypto
   2. Bloomberg.com — Pokemon Collector Found Guilty in $55 Million Crypto Hack Case
   3. Yahoo — Crypto Hacker Who Spent Stolen Millions on Pokémon Cards Found Guilty in New York
   4. Pluang — Cybersecurity consultant convicted for $55M DeF...
   5. MLex — Maryland man found guilty of computer fraud, laundering over hack of DeFi exchange
   6. Law360 — Feds Wrap Up Case In $53M Uranium Finance Theft Trial
   7. CryptoTicker — DeFi Exploit Verdict: $53.3 Million Ruled Fraud
   8. Briefs Finance — Maryland man convicted in $50 million crypto theft tied to high-end card spree
   9. gizmodo.com — Man Who Spent Millions on Rare Pokémon and Magic Cards Found ...
   10. www.dexerto.com — Crypto hacker convicted of $53M theft after spending millions ...
   11. www.yahoo.com — Crypto Hacker Stole $55 Million and Spent Millions on Pokémon ...
   12. www.straitstimes.com — Pokemon collector found guilty in US$55 million crypto hack case
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