In a riveting saga that has captivated both the crypto world and law enforcement, a 22-year-old Canadian hacker, Andean Medjedovic, is at the center of allegations involving the theft of $48.8 million in cryptocurrency from the DeFi protocol, KyberSwap. According to the United States Attorney’s Office for the Eastern District of New York, Medjedovic leveraged a vulnerability, or what he termed a “glitch,” within KyberSwap’s automated market maker (AMM) to engineer this staggering crypto heist.

The indictment, unsealed in a Brooklyn federal court earlier this week, lays out a sophisticated scheme where Medjedovic allegedly manipulated protocol vulnerabilities in 2023. By borrowing massive amounts of crypto, he is accused of artificiating price movements within KyberSwap’s liquidity pools (LPs). This maneuver allegedly enabled him to extract $48.8 million across multiple blockchains by executing precise trades that triggered the supposed glitch.

Further compounding his audacity, Medjedovic allegedly tried to extort the developers at KyberSwap. The demands purportedly included entrusting him with control over the protocol and its decentralized autonomous organization (DAO), in exchange for half of the purloined crypto assets. Prosecutors elaborate that after the alleged theft, Medjedovic attempted to obscure the crypto trail, laundering the assets through bridge protocols and digital asset mixers—techniques often employed to mask the origin and destination of stolen funds.

Adding to his alleged repertoire of DeFi exploits, Medjedovic is also charged with targeting another DeFi protocol, Indexed Finance, back in 2021, netting approximately $16.5 million in crypto.

The charges against Medjedovic are grave, covering wire fraud, computer hacking, and attempted extortion. As authorities intensify their search, the young hacker remains at large, eluding capture while possibly plotting his next move.

This case underscores the vulnerabilities inherent within the burgeoning DeFi sector and the relentless pursuit by cybercriminals to exploit them. It serves as a stark reminder of the ever-present need for robust security measures and vigilant oversight in the dynamic world of decentralized finance.

Stay informed of this developing story and other critical updates by subscribing to our alerts. Join the conversation on social media and share your thoughts on the future of DeFi security amidst these alarming incidents.

Latest AI Art

  • score_9, score_8_up, score_7_up, source_anime, rating_explicit BREAK, ((1girl)), solo, looking at you, ((annoyed, embarrassed, shy, blushing)), (mascara, eyeliner), ((ruby necklace)), ((dark grey eyes, black hair ponytail)), ((massive breasts)), shiny skin,chifuyu orimura, ex odogaron armor, black gloves, black cape, black chaps, black knee boots, black headwear, ((black microbikini, nipple bulge, areolas visible, areolaslip, thigh cutouts, black thong)), ((Detailed vagina and clitoris, detailed nipples and areolas, puffy nipples)), , yes-no pillow, holding, pillow, flying sweatdrops, yes, holding pillow, blush, looking to the side, english text
  • score_9, score_8_up, score_7_up, source_anime, rating_explicit BREAK, ((1girl)), solo, looking at you, ((ahegao, drooling, moaning, blushing)), (mascara, eyeliner), ((ruby necklace)), ((dark grey eyes, black hair ponytail)), ((massive breasts)), shiny skin,chifuyu orimura, ex odogaron armor, black gloves, black cape, black chaps, black knee boots, black headwear, ((black microbikini, nipple bulge, areolas visible, areolaslip, thigh cutouts, black thong)), (hand on her hip), ((Detailed vagina and clitoris, detailed nipples and areolas, puffy nipples)), , anal missionary, ass, hetero, lying, penis, pussy, sex, on back, anus, bottomless, pov, anal, legs up, female ejaculation, missionary, blush, ahegao, open mouth, completely nude, nipples,
  • masterpiece, best quality, amazing quality, klskx, nsfw, explicit, 2girls, (dominant girl:1.3), front view, platinum hair, long hair, green eyes, tight latex, cross pasties, white gloves, (sitting on person:1.3), crossed legs, (submissive girl on all fours:1.2), side view, dark hair, brown eyes, (maid outfit:1.0), indoors, grand luxurious hall, red carpet, golden chandeliers, marble pillars, intricate details, (blurry background, depth of field, bokeh:0.9)
  • safe_pos, score_9, score_8_up, score_8, close up, 1girl , solo sexy elf woman, green eyes, long pink hair, thick eyeliner, perfect face, small breasts, small white tank top, tiny white thong, shy smile, volumetric lighting, sitting on bed, seductive, (large bed), (wariza), cinematic lighting, indoors, cozy bedroom, night
  • safe_pos, score_9, score_8_up, score_7_up, (age up:1.0) BREAK 1girl , (blonde hair, messy bun, wispy bangs), (medium saggy breasts), freckles, cute face, [wrinkles, dimples],(realistic skin:1.3)∙(detailed skin:1.3)∙(skin texture:1.3)∙(perfect skin:1.3). leaning back, in water ,in hotspring, rocks,naked, reflection in water. (looking at viewer), [coy smile]. portrait , breast focus, side view, (closeup:1.2), dappled lighting. (bokeh, shallow depth of field). (cinematic lighting:1.3), (chromatic aberration), (4K image quality:1.3), (sharp detail:1.3), (highly realistic:1.3), (dim warm cinematic lighting:1.3)

Discover More

Share This Story, Choose Your Platform!

Leave A Comment

Coins of the Hour

HOT TOPICS