21-Year-Old Charged in $65 Million DeFi Cyber Heist

1 min

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.