The two DeFi protocols lost over $65 million in the attacks
A Canadian national, Andean Medjedovic, has been charged by US prosecutors for hacking into two decentralized finance (DeFi) protocols, KyberSwap and Indexed Finance, stealing around $65 million in the process. The Justice Department unsealed an indictment on February 3, 2025, in a Brooklyn federal court. Medjedovic is facing charges of hacking, attempted extortion, wire fraud, and money laundering, but he is currently on the run.
According to prosecutors, Medjedovic used deceptive trading tactics to exploit liquidity pools on Indexed Finance in October 2021, stealing approximately $16.5 million. He then targeted KyberSwap in November 2023, executing a similar scheme that led to an additional $48.8 million in theft.
The indictment claims that Medjedovic borrowed large sums of digital tokens and manipulated the smart contracts of both protocols, inflating key variables and allowing him to withdraw millions in investor funds at artificially favorable prices.
Following the KyberSwap exploit, Medjedovic allegedly attempted to extort the platform by offering a fake settlement proposal, demanding control of the protocol in exchange for returning 50% of the stolen funds. Prosecutors also say he conspired with a relative to launder the stolen cryptocurrency, using crypto mixers and blockchain bridges to move the funds, with the aim of cashing out on exchanges and converting them into fiat through fake bank accounts.
Medjedovic’s alleged laundering activities were further complicated when a bridge protocol froze some of the stolen funds. He then reportedly paid $85,000 to an undercover agent posing as a developer to unfreeze the crypto. There is currently no information available on Medjedovic’s legal representation, and he has not responded to requests for comment.

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