US prosecutors have charged Canadian citizen Andean Medjedovic with hacking DeFi protocols KyberSwap and Indexed Finance, stealing approximately $65 million and attempting to launder the proceeds.
Charges and Case Details
The US Department of Justice unsealed an indictment in a Brooklyn federal court against Andean Medjedovic. He is charged with hacking, attempted extortion, money laundering, and wire fraud. The Brooklyn US Attorney's office stated that Medjedovic is currently at large.
Hacking Methods
Prosecutors allege Medjedovic made 'deceptive trades' to steal around $16.5 million from liquidity pools on Indexed Finance in October 2021. He conducted a similar attack on KyberSwap in November 2023, stealing about $48.8 million. He borrowed hundreds of millions of dollars in digital tokens.
Money Laundering and Resolution Attempts
After allegedly exploiting KyberSwap, prosecutors said he attempted to extort victims through a sham settlement proposal. He sent messages threatening to delay negotiations and demanded control of the protocol in exchange for returning part of the assets. The indictment alleges he conspired to launder crypto through mixers and blockchain bridges.
Prosecutors claimed that after a bridge protocol froze funds, Medjedovic paid an undercover agent $85,000 to release the crypto. There is no information available about Medjedovic's lawyers and he could not be reached for comment.
