21-Year-Old Charged in $65 Million DeFi Cyber Heist
A 21-year-old Canadian, Andean Medjedovic, faces charges related to a cyber heist involving approximately $65 million stolen from DeFi platforms KyberSwap and Indexed Finance. The allegations include wire fraud, computer hacking, and attempted extortion, as detailed by prosecutors in a Brooklyn federal court.
Key points of the case include:
- Classification as one of the most sophisticated cybercrimes targeting DeFi platforms.
- In November 2023, Medjedovic exploited KyberSwap, manipulating its market-making system to siphon ~$48.8 million from 77 liquidity pools across six blockchains.
- He pressured KyberSwap's developers for platform control in exchange for returning half of the stolen funds.
- To disguise his activities, he employed crypto-laundering tactics, including using "bridge" protocols and cryptocurrency mixers.
- In October 2021, he previously stole $16.5 million from Indexed Finance by distorting price calculations through manipulation of the re-indexing process.
- After this exploit, he laundered funds via fraudulent identities and mixers, with authorities discovering a document detailing his laundering strategy.
The case is being prosecuted by various federal agencies, highlighting the growing concerns over cybersecurity within the cryptocurrency sector.