- Canadian national charged with $65 million theft from two DeFi protocols through sophisticated exploits.
- Attacks targeted KyberSwap ($48.8 million) and Indexed Finance ($16.5 million) through deceptive trading patterns.
- US Department of Justice filed multiple charges including Hacking, extortion, and money laundering.
- Suspect Andean Medjedovic allegedly attempted to extort one protocol with fraudulent settlement terms.
- The accused remains at large while facing prosecution in Brooklyn federal court.
The US Department of Justice has unveiled charges against Andean Medjedovic for allegedly orchestrating two major cryptocurrency protocol exploits totaling $65 million, marking one of the largest DeFi theft cases to date.
According to the federal indictment, Medjedovic executed a series of complex attacks, beginning with a $16.5 million exploitation of Indexed Finance in October 2021. The accused allegedly manipulated the protocol’s liquidity pools through what prosecutors describe as “deceptive trades,” a technique that exploits vulnerabilities in DeFi protocols’ price calculation mechanisms.
The scale of operations escalated in November 2023 when Medjedovic allegedly targeted KyberSwap, successfully extracting $48.8 million through similar methodologies. The Brooklyn U.S. Attorney’s office reports that beyond the initial thefts, the suspect attempted to leverage his position by presenting a fraudulent settlement proposal to one of the affected protocols.
These incidents highlight the ongoing security challenges facing DeFi protocols, which operate without traditional financial intermediaries. The case represents a significant escalation in law enforcement’s approach to cryptocurrency-related crimes, combining charges of hacking, extortion, money laundering, and wire fraud in a comprehensive federal prosecution.
The investigation remains active as authorities continue their search for Medjedovic, who has not been apprehended. This case adds to the growing list of high-profile cryptocurrency enforcement actions by U.S. authorities, demonstrating increased scrutiny of DeFi-related criminal activities.
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