{"id":41538,"date":"2025-02-04T09:53:59","date_gmt":"2025-02-04T09:53:59","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=41538"},"modified":"2025-02-04T09:53:59","modified_gmt":"2025-02-04T09:53:59","slug":"canadian-national-charged-in-65-million-defi-exploit-and-money-laundering-case","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=41538","title":{"rendered":"Canadian National Charged In $65 Million DeFi Exploit And Money Laundering Case"},"content":{"rendered":"

US prosecutors have charged a Canadian national with orchestrating a $65 million exploit targeting decentralized finance (DeFi) platforms KyberSwap and Indexed Finance. <\/span><\/p>\n

The Justice Department unsealed an indictment on 3<\/a> <\/span>February 2025<\/span> in a Brooklyn federal court against Andean Medjedovic, accusing him of hacking, wire fraud, money laundering, and attempted extortion. Medjedovic remains at large, according to the Brooklyn US Attorney\u2019s Office.<\/span><\/p>\n

Prosecutors allege that in October 2021, Medjedovic manipulated Indexed Finance\u2019s smart contracts to steal $16.5 million through deceptive trades.<\/span><\/p>\n

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$48.8 Million Drained In Repeat DeFi Attack<\/span><\/h2>\n

Two years later, in November 2023, he allegedly executed a similar attack on KyberSwap, siphoning approximately $48.8 million from the protocol\u2019s liquidity pools.<\/span><\/p>\n

According to the indictment, Medjedovic borrowed hundreds of millions in digital tokens and engaged in complex trading maneuvers <\/span>designed<\/span> to trick the protocols\u2019 smart contracts into miscalculating key financial variables. <\/span><\/p>\n

By exploiting these vulnerabilities, he allegedly withdrew investor funds at artificially inflated prices, leaving victims with worthless assets.<\/span><\/p>\n

Following the KyberSwap hack, Medjedovic <\/span>is accused<\/span> of attempting to extort victims through an on-chain settlement proposal. Prosecutors claim he threatened to delay negotiations over returning funds and later demanded operational control of the protocol in exchange for returning 50% of the stolen assets.<\/span><\/p>\n

Canadian Man Charged in $65 million Cryptocurrency Hacking Schemes. pic.twitter.com\/pjiYhxzD2K<\/a><\/p>\n

\u2014 CryptoMutant (@CryptoMutant) February 4, 2025<\/a><\/p>\n\n

The indictment also details Medjedovic\u2019s efforts to launder the stolen funds with the help of a relative. Authorities allege he funneled money through a crypto mixer and multiple blockchain bridges to convert the assets into fiat currency using fraudulent bank accounts. <\/span><\/p>\n

When an unnamed bridge protocol froze <\/span>a portion<\/span> of the funds, Medjedovic reportedly paid $85,000 to an undercover law enforcement officer posing as a developer to unlock them.<\/span><\/p>\n

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Crypto Hacks Drop 44% In January As Hackers Steal $73M<\/span><\/h2>\n

Cryptocurrency-related cybercrime\u00a0<\/span>saw a significant decline<\/span>\u00a0in January 2025, with hackers stealing $73 million across 19 separate incidents \u2014 a 44% drop from the $133 million stolen in January 2024.<\/span><\/p>\n

While the decrease is a positive sign for industry security, the figure still represents a sharp ninefold increase from December 2024, when crypto hackers stole just $3.8 million, according to a <\/span>30\u00a0January<\/span> 2025 report from Immunefi<\/span><\/a>.<\/span><\/p>\n

The\u00a0<\/span>largest<\/span>\u00a0single attack of the month targeted Singapore-based crypto exchange Phemex, which lost $69 million, making up the vast majority of the\u00a0month\u2019s\u00a0total stolen funds.<\/span><\/p>\n

The second-largest hack involved Moby Trade, a crypto options platform, which suffered a $2.5 million breach. Despite the overall decline in theft compared to last year, the data underscores the ongoing vulnerability of cryptocurrency platforms to cyber threats.<\/span><\/p>\n

According to Immunefi, centralized finance (CeFi) platforms accounted for 93% of all crypto theft in January, with losses totaling $69 million across a few major incidents.<\/span><\/p>\n

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The post Canadian National Charged In $65 Million DeFi Exploit And Money Laundering Case<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

US prosecutors have charged a Canadian national with orchestrating a $65 million exploit targeting decentralized finance (DeFi) platforms KyberSwap and Indexed Finance. The Justice Department unsealed an indictment on 3 February 2025 in a Brooklyn federal court against Andean Medjedovic, accusing him of hacking, wire fraud, money laundering, and attempted extortion. Medjedovic remains at large, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-41538","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/41538"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41538"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/41538\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}