Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Canadian Hacker Indicted in $65M DeFi Heist
Enforcement | Feb 6, 2025
Image: Freepik AI
U.S. Authorities Unseal Indictment Against Canadian in $65M Crypto Fraud
The U.S. federal Office of the Public Affairs announced on February 3, 2025 that a Canadian citizen, Andean Medjedovic, has been formally indicted for allegedly exploiting vulnerabilities in decentralized finance platforms KyberSwap and Indexed Finance, stealing approx. $65 million from investors.
Medjedovic was originally a math prodigy from the city of Waterloo, Ontario who graduated from high school at 14 and achieved a math degree from prestigious University of Waterloo by 17. He later became a cybersecurity expert and participated in hacking competitions including Code4rena where he won prizes.
The Scheme
The indictment says that between 2021 and 2023, Medjedovic exploited smart contract vulnerabilities in KyberSwap and Indexed Finance. He borrowed large amounts of digital tokens and then manipulated the automated trading systems into allowing unauthorized withdrawals at artificially low prices, leaving investors with worthless assets.
See: The Day the Platform Went Dark. A Cyber Resilience Story
Authories claim that Medjedovic laundered the stolen funds using various techniques like crypto swap transactions, cross-chain bridge transfers, and crypto mixers all to obscure the sources of funds. Then in November 2023, he attempted to extort control of the KyberSwap platform by offering to return only 50% of the stolen funds in exchange for full control.
Medjedovic faces wire fraud, unauthorized damage to a protected computer, attempted extortion, money laundering, and money laundering conspiracy. If convicted he could face up to 20 years in prison for the charges with up to an additional 10 years for hacking related crimes.
Where is Medjedovic?
According to a Cointelegraph article, authorities believe he is on the run. In 2021, he failed to appear in a Canadian court regarding the Indexed Finance hack, and reports suggest that he has travelled across Europe and South America and was last known to be living on an undisclosed island.
For more details you can read the full indictment here.
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