A 22-year-old Canadian man, Andean Medjedovic, is on the run after being charged with stealing $65 million in cryptocurrency from two platforms. The indictment alleges he used sophisticated hacking techniques to exploit weaknesses in the code of KyberSwap and Indexed Finance, allowing him to borrow hundreds of millions of dollars’ worth of tokens, manipulate prices, and extract a profit.
Prosecutors say Medjedovic’s scheme involved taking advantage of new technologies to defraud investors. He has been on the run since 2021, when he was charged in Canada for a similar scheme involving Indexed Finance. Medjedovic previously denied any wrongdoing, arguing that his trades were legal and represented a “mispricing opportunity” in smart contracts.
The case highlights the growing problem of cryptocurrency crimes. In recent years, such crimes have become more common, with high-profile cases including the theft of $230 million in cryptocurrencies by two men in Washington D.C., and the kidnapping for ransom of the founder of a French crypto company.
Medjedovic faces charges of laundering his illegal gains, and prosecutors warn that those who take advantage of new technologies to harm investors will be held accountable regardless of their location. The FBI’s assistant director James E. Dennehy stated, “Hackers can at times be painted in a flattering light by pop culture, but they’re stealing money that isn’t theirs, and they’re breaking the laws of this country.”
Source: https://www.nytimes.com/2025/02/03/nyregion/cryptocurrency-hacker-theft-charges.html