- Andean Medjedovic is accused of stealing $65M from KyberSwap and Indexed Finance protocols.
- Medjedovic allegedly exploited smart contract vulnerabilities to manipulate prices.
- He attempted to launder the stolen funds using mixers and fake accounts.
Andean Medjedovic, a Canadian national, has been arrested for allegedly stealing $65 million in cryptocurrency from two decentralized finance (DeFi) platforms—KyberSwap and Indexed Finance.
In addition to the theft, Medjedovic attempted to extort the developers of KyberSwap, demanding a ransom for the return of the stolen funds. He used blockchain bridge protocols and mixers to launder the money, hiding its origin to avoid detection.
Crypto Thief Steals $65M Using DeFi Exploits: Medjedovic Arrested
Andean Medjedovic, the Canadian suspect in a massive cryptocurrency theft, stands accused of exploiting vulnerabilities in decentralized finance (DeFi) platforms. The theft targeted KyberSwap and Indexed Finance, totaling an estimated $65 million. By manipulating smart contracts, Medjedovic allegedly extracted funds from the platforms’ liquidity pools, causing severe financial damage to investors.
Medjedovic’s method involved price manipulation within KyberSwap’s decentralized system, which allowed him to claim millions of dollars in stolen cryptocurrency. The platforms’ reliance on smart contracts provided him with the opportunity to exploit the systems. He focused on liquidity pools across six blockchains, resulting in a theft of approximately $48.8 million from KyberSwap.
The criminal mastermind took extra steps to hide his tracks by laundering the stolen funds. Medjedovic used blockchain mixers to obscure the transactions’ origins, ensuring that authorities had difficulty tracing the stolen assets. Furthermore, he attempted to launder the money through fake user accounts and cryptocurrency platforms, adding complexity to the investigation.
Beyond the thefts, Medjedovic allegedly tried to extort KyberSwap’s developers, demanding money in exchange for returning the stolen funds. His criminal activities were discovered by the FBI and IRS, who are actively searching for him. The case highlights the growing threat posed by cybercriminals in the rapidly expanding cryptocurrency market and the importance of robust security measures for DeFi platforms.
Medjedovic’s actions underscore the vulnerabilities that still exist in decentralized finance systems and the lengths to which cybercriminals will go to exploit them. As investigations continue, the case serves as a cautionary tale for both DeFi developers and investors.
“The increasing sophistication of cybercriminals in the cryptocurrency space poses a significant challenge for DeFi platforms.”
