The Federal Court in Brooklyn, USA, publicly disclosed the identity of the perpetrator behind the $47 million Kyber Elastic attack.
Perpetrator's Identity Revealed
On February 3, 2025, the Federal Court in Brooklyn (U.S.) charged 22-year-old Canadian national Andean Medjedovic with wire fraud, computer intrusion, and attempted extortion. The charges stem from his theft of approximately $65 million in crypto assets from two decentralized finance protocols—KyberSwap (over $47 million) and Indexed Finance (over $16 million).
Reaction from Kyber Network and VBA
Following the indictment's release, Tran Huy Vu, CEO and Co-Founder of Kyber Network, expressed his appreciation to the Vietnam Blockchain Association (VBA) for its collaboration and support in addressing this attack.
*Tran Huy Vu, CEO and Co-Founder of Kyber Network*
“We deeply appreciate the dedicated investigative efforts of organizations both domestically and internationally, including technology firms, legal entities, and law enforcement agencies. Notably, the Vietnam Blockchain Association, as the only professional social organization in Vietnam, played a crucial role in the investigation and provided accurate information to the community,” emphasized Tran Huy Vu.
Conclusion and Future Lessons
Phan Duc Trung, Chairman of VBA, commended the professionalism and dedication of the Kyber team in addressing the incident, highlighting their adaptability and perseverance throughout the resolution process.
“This incident serves as a valuable lesson for technology enterprises, emphasizing the need for continuous improvement to ensure the security of the decentralized finance ecosystem. On this occasion, I urge the Vietnamese blockchain community to strengthen solidarity and support one another in fostering a healthy blockchain technology environment,” Trung emphasized.
The Chairman of the Vietnam Blockchain Association reaffirmed VBA’s commitment to supporting businesses—particularly startups—through investigative programs targeting fraud in the Web3 space, such as Chaintracer, as well as community media channels. VBA will continue to assist enterprises in maintaining transparency, security, and operational efficiency.
The release of the indictment against Andean Medjedovic underscores the importance of international cooperation in combating cybercrime. Observations from this case highlight the significance of security in financial technologies and the concept of mutual support, especially in the ever-evolving blockchain technology sector.
