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Canadian hacker faces charges over $65M crypto theft

Canadian hacker faces charges over $65M crypto theft

GrafaGrafa2025/02/04 09:00
By:Liezl Gambe

The U.S. Department of Justice (DOJ) has charged Canadian hacker Andean Medjedovic, 22, with stealing approximately $65 million from two decentralised finance (DeFi) platforms, KyberSwap and Indexed Finance, between 2021 and 2023.

The indictment, unsealed in a New York federal court, outlines five charges against Medjedovic, including wire fraud and money laundering.

Prosecutors claim that he exploited vulnerabilities in the platforms’ smart contracts, using deceptive trading tactics to withdraw funds at inflated prices, causing significant losses for investors.

After the thefts, Medjedovic allegedly laundered the stolen cryptocurrency through various transactions and crypto mixers to obscure the funds' origins.

U.S. Attorney John J. Durham described the scheme as “highly sophisticated,” highlighting the advanced techniques used to exploit the DeFi protocols.

In November 2023, after exploiting KyberSwap, Medjedovic allegedly attempted to extort the platform's developers by demanding control over it in exchange for returning half of the stolen assets. 

If convicted, Medjedovic faces severe penalties, including up to 20 years for each charge related to money laundering and extortion.

The case has attracted international attention, with law enforcement agencies in the Netherlands assisting in the investigation. 

Despite the charges, Medjedovic remains at large, and authorities are continuing their efforts to locate him.

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