Canadian Man Charged for Exploiting DeFi Vulnerabilities in $65M Hacking Scheme

Source of this Article
Decrypt 3 days ago 137

A Canadian man has been indicted for allegedly exploiting vulnerabilities in two decentralized finance protocols to fraudulently obtain approximately $65 million from investors, including those in the U.S. 

The indictment charges 22-year-old Andean Medjedovic with manipulating the smart contracts of decentralized exchange aggregators KyberSwap and Indexed Finance between 2021 and 2023, withdrawing investor funds at artificial prices and rendering their investments worthless.

Despite the indictment, Medjedovic remains at large. Law enforcement agencies are actively pursuing his whereabouts, with support from the Netherlands’ Public Prosecution Service and the Dutch National Police Cybercrime Unit in The Hague.

Medjedovic is facing five charges, including one count of wire fraud, one count of unauthorized damage to a protected computer, one count of attempted Hobbs Act extortion (refers to the use of force, threats, or fear to unlawfully obtain property), and two counts of money laundering, the U.S. Department of Justice announced Monday.

“If convicted, he faces a maximum penalty of 10 years in prison on the unauthorized damage to a protected computer count and 20 years in prison on each of the other c...



Facebook X WhatsApp LinkedIn Pinterest Telegram Print Icon


BitRss shares this Content always with Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) License.

Read Entire Article


Screenshot generated in real time with SneakPeek Suite

BitRss World Crypto News | Market BitRss | Crypto Deals | Short Urls
Design By New Web | ScriptNet