Canadian Hacker Charged with Stealing $65 Million in Crypto Through DeFi Hacks
22-Year-Old Andean Medjedovic Accused of Masterminding Indexed Finance and KyberSwap Exploits
U.S. prosecutors have charged a 22-year-old Canadian man with stealing a combined $65 million in crypto through two separate decentralized finance (DeFi) hacks. The accused, Andean “Andy” Medjedovic, allegedly masterminded the 2021 Indexed Finance exploit and the 2023 KyberSwap hack.
Newly Unsealed Indictment Reveals Medjedovic’s Alleged Role
In a newly unsealed indictment filed in the Eastern District of New York (EDNY), prosecutors say Medjedovic was the mastermind behind both exploits. Though Medjedovic’s alleged role in the KyberSwap exploit was previously unknown, he has publicly admitted to being the Indexed Finance attacker, wiping $16 million from the DeFi platform when he was still a teenager.
Medjedovic’s “Code is Law” Defense
Medjedovic did little to hide his identity as the Indexed Finance hacker, professing to believe he wasn’t actually doing anything illegal. Another DeFi hacker, Avraham “Avi” Eisenberg, took a similar “code is law” position after his 2022 Mango Markets exploit, claiming that siphoning $110 million from the decentralized exchange was fair game. A New York jury disagreed, finding Eisenberg guilty of fraud and market manipulation. He will be sentenced later this year and faces up to 20 years in prison.
Medjedovic on the Run Since 2021
Medjedovic has been on the run since December 2021, when a Canadian court issued a warrant for his arrest. In 2023, he told a DeFi Llama reporter that it was “exhausting” living as a fugitive, saying that he had been bouncing around through Europe, South America, and an unnamed island nation while on the lam. A spokesperson for the Eastern District of New York (EDNY) told CoinDesk that Medjedovic remains “at large” and is not believed to be in the U.S.
KyberSwap Hack: Medjedovic’s Latest Exploit
Eight months after telling the same reporter that he was now a whitehat hacker, prosecutors say Medjedovic stole about $50 million from KyberSwap. According to the indictment, Medjedovic planned the KyberSwap hack for months before acting, writing to himself “Find time to Strike!” and creating a “POST-EXPLOITATION” plan for himself.
Charges and Potential Penalties
Medjedovic has been charged with one count of wire fraud, one count of unauthorized damage to a protected computer, one count of attempted Hobbs Act extortion, one count of money laundering conspiracy, and one count of money laundering. He faces a maximum penalty of 90 years in prison.
Conclusion
The case of Andean Medjedovic highlights the ongoing challenges of regulating and policing the DeFi space. As the industry continues to grow and evolve, it is crucial that law enforcement agencies and regulators work together to stay ahead of the latest hacking techniques and to hold accountable those who engage in illegal activities.
FAQs
- What is the total amount of crypto stolen by Medjedovic? The total amount of crypto stolen by Medjedovic is $65 million, divided between the Indexed Finance and KyberSwap hacks.
- How old was Medjedovic when he allegedly hacked Indexed Finance? Medjedovic was still a teenager when he allegedly hacked Indexed Finance, wiping $16 million from the DeFi platform.
- What is Medjedovic’s current status? Medjedovic is currently on the run and remains “at large” according to the Eastern District of New York (EDNY).
- What are the potential penalties for Medjedovic? Medjedovic faces a maximum penalty of 90 years in prison.
