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Andean Medjedovic, a Canadian citizen, has been accused of defrauding DeFi platforms KyberSwap and Listed Finance out of $65 million, according to a press release issued on February 3 by the US Attorney’s Office for the Eastern District of New York.
Charges Filed Against KyberSwap, Listed Finance Fraudster
As stated in the press release on Monday, the 22-year-old individual exploited vulnerabilities in KyberSwap’s code to artificially manipulate the prices within the protocol’s liquidity pools.
“Medjedovic then devised precise combinations of trades that would induce the KyberSwap AMM to ‘glitch,’ in his own words, enabling him to misappropriate tens of millions of dollars in cryptocurrency from the liquidity pools,” the US Attorney’s Office noted.
Shortly following the breach, Medjedovic attempted to extort the developers of KyberSwap for control over the platform and its DAO, ultimately stealing $48.8 million worth of assets from the crypto community.
Insane indictment released today regarding the Kyber exploiter. He drained 65M from Kyberswap Elastic in 2023.
His thoughts:
“Going on the run / Yes / Probability of getting caught<Payoff for not getting caught / (NA) / Risk is often underpriced in modern world.”
Somequotes below: pic.twitter.com/9baWSGTpwC
— olimpio (@OlimpioCrypto) February 3, 2025
The alleged Canadian fraudster then proceeded to launder the stolen digital assets through bridge protocols while utilizing crypto mixing services to obscure the origins of the illicit funds.
In an incident from October 2021, Medjedovic manipulated prices on Listed Finance’s index pools using borrowed cryptocurrencies, resulting in over $16.5 million being siphoned from investors.
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The following year, the now-indicted Medjedovic collaborated with an unnamed accomplice to launder the stolen funds through fraudulent crypto exchange accounts while further concealing their origins by employing a crypto mixer.
“Hackers can sometimes be portrayed in a favorable light by popular culture, with some admiring their skills and intelligence,” stated FBI Assistant Director in Charge Dennehy. “They are stealing money that does not belong to them, and they are violating the laws of this country.”
“We allege Andean Medjedovic breached several of those laws, and he, along with all other cybercriminals who believe they are untouchable, will face justice,” he added.
Andean Medjedovic Facing 90 Years in Prison
Despite this month’s indictment, The New York Times reports that Medjedovic considers himself a crypto “pirate” and has been at large since 2021.
According to reports, the U.S. Attorney’s Office believes that the former University of Waterloo student is currently evading charges somewhere outside of the United States.
Medjedovic has been charged with one count of money laundering, one count of conspiracy to commit money laundering, one count of wire fraud, one count of attempted Hobbs Act extortion, and one count of unauthorized damage to a protected computer. In total, he faces up to 90 years in prison.
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