US D.O.J. Charges Canadian National In Multi-Million Crypto Fraud Scheme

Andean Medjedovic, a Canadian national, has been charged with defrauding DeFi protocols KyberSwap and Indexed Finance out of $65 million, a February 3 press release from the United States Attorney's Office of the Eastern District of New York reveals.

KyberSwap, Indexed Finance Fraudster Charged

According to the Monday press release, the 22-year-old man broke through KyberSwap's coding to artificially alter the prices within the protocol's liquidity pools.

"Medjedovic then calculated precise combinations of trades that would cause the KyberSwap AMM to "glitch," in his words, allowing him to steal tens of millions of dollars in cryptocurrency from the liquidity pools,' the United States Attorney's Office states.

Shortly after the hack, Medjedovic attempted to extort KyberSwap's developers for control of the platform and its DAO, ultimately stealing $48.8 million worth of coins from the crypto collective.

Insane indictment released today about Kyber exploiter. He drained 65M from Kyberswap Elastic in 2023.

His thoughts:

"Going on the run / Yes / Chance of getting caught<Payoff for not getting caught / (NA) / Risk is typically underpriced in modern world."

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