A former employee of Ubiquiti is sentenced to six years in prison and $2 million in cryptocurrency theft.
He pleaded guilty to posing as an anonymous hacker and whistleblower in an attempt to extort money from the company.
The fabricated security breach caused the stock price to plummet 20% in March 2021, and eventually lost over $4 billion in market capitalization.
Ubiquiti formally disclosed the incident in January 2021, describing it as a case of unauthorized access to certain of our information technology systems hosted by a third-party cloud provider.
It further urged users to change their passwords and enable two-factor authentication.
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