Andean Medjedovic, a Canadian nationwide, has been charged with defrauding DeFi protocols KyberSwap and Listed Finance out of $65 million, a February 3 press launch from america Legal professional’s Workplace of the Jap District of New York reveals.
KyberSwap, Listed Finance Fraudster Charged
In accordance with the Monday press launch, the 22-year-old man broke by way of KyberSwap’s coding to artificially alter the costs throughout the protocol’s liquidity swimming pools.
“Medjedovic then calculated exact mixtures of trades that might trigger the KyberSwap AMM to “glitch,” in his phrases, permitting him to steal tens of tens of millions of {dollars} in cryptocurrency from the liquidity swimming pools,’ america Legal professional’s Workplace states.
Shortly after the hack, Medjedovic tried to extort KyberSwap’s builders for management of the platform and its DAO, in the end stealing $48.8 million value of cash from the crypto collective.
Insane indictment launched at present about Kyber exploiter. He drained 65M from Kyberswap Elastic in 2023.
His ideas:
"Occurring the run / Sure / Likelihood of getting caught<Payoff for not getting caught / (NA) / Threat is usually underpriced in fashionable world."
Somequotes beneath: pic.twitter.com/9baWSGTpwC
— olimpio (@OlimpioCrypto) February 3, 2025
The purported Canadian con man then moved to launder the stolen digital belongings by way of bridge protocols whereas using crypto mixing providers to obfuscate the supply of the illicit funds.
In an October 2021 incident, Medjedovic manipulated costs on Listed Finance’s index swimming pools utilizing borrowed cryptocurrencies, leading to over $16.5 million being drained from buyers.
The next 12 months, the now-indicted Medjedovic conspired with an unnamed confederate to launder the pocketed funds by way of fraudulent crypto change accounts whereas additional hiding their origins by way of the usage of a crypto mixer.
“Hackers can at occasions be painted in a flattering mild by popular culture, some admiring their abilities and acumen,” acknowledged FBI Assistant Director in Cost Dennehy. “They’re stealing cash that isn’t theirs, and so they’re breaking the legal guidelines of this nation.”
“We allege Andean Medjedovic violated a number of of these legal guidelines, and he, together with all the opposite cyber criminals who imagine they’re untouchable will face justice,” he added.
Andean Medjedovic Going through 90 Years Behind Bars
Regardless of this month’s indictment, The New York Instances stories that Medjedovic views himself as a crypto “pirate” and has been at giant since 2021.
In accordance with stories, the U.S. Legal professional’s Workplace allegedly believes that the one-time College of Waterloo pupil is presently on the lam from the fees someplace exterior of america.
Medjedovic has been charged with one depend of cash laundering, one depend of cash laundering conspiracy, one depend of wire fraud, one depend of tried Hobbs Act extortion, and one depend of unauthorized injury to a protected pc. In complete, he faces as much as 9 many years in jail.
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