Canadian Charged for Stealing $65 Million in Crypto from KyberSwap and Indexed Finance

A Canadian man has been charged by U.S. federal authorities for allegedly hacking into two major cryptocurrency platforms and stealing nearly $65 million in digital assets. Andean Medjedovic, 22, faces a five-count indictment, including charges of hacking, wire fraud, money laundering, and extortion.

The indictment, unsealed this week, accuses Medjedovic of exploiting vulnerabilities in KyberSwap and Indexed Finance between 2021 and 2023. Through deceptive trading tactics, he was able to manipulate the platforms’ systems, leading to the theft of funds and rendering victims’ investments nearly worthless.

Medjedovic allegedly used large sums of borrowed cryptocurrency to execute complex transactions, draining $16.5 million from Indexed Finance in 2021 and $48.4 million from KyberSwap in 2023. He then laundered the stolen funds using mixers and various exchanges, often hiding his identity.

In an ironic twist, Medjedovic made a confession to a friend after the Indexed Finance attack, saying he had "accidentally doxxed himself" and might now be "on the run forever." He also vowed to continue his criminal activities, even speaking to a reporter about his plans.

Investigators uncovered evidence on Medjedovic’s computer indicating he was planning to flee Canada, but his efforts to launder more stolen funds were thwarted when he interacted with an undercover agent.

Medjedovic faces a range of charges, such as wire fraud, extortion, and money laundering. If found guilty, he could be sentenced to several decades behind bars. Additionally, law enforcement has identified an accomplice, a relative of Medjedovic, who allegedly assisted in the laundering of the stolen funds.