In a thrilling turn of events, US prosecutors have charged a Canadian national with exploiting the decentralized finance (DeFi) protocols KyberSwap and Indexed Finance, accusing him of making off with a cool $65 million and laundering the loot. 💸💰
The Justice Department on Feb. 3 unveiled an indictment in a Brooklyn federal court against the audacious Andean Medjedovic, throwing the book at him for hacking, attempted extortion, money laundering, and wire fraud. Medjedovic, being ever the elusive character, is currently at large. 🕵️♂️
Prosecutors allege that Medjedovic engaged in “deceptive trades” to swipe approximately $16.5 million from liquidity pools on Indexed Finance back in October 2021. Not satisfied with a single heist, he supposedly struck again in November 2023, siphoning off around $48.8 million from KyberSwap. Talk about going big or going home! 💥
“Medjedovic borrowed hundreds of millions of dollars in digital tokens, using them to pull off deceptive trading maneuvers that he knew would trick the protocols’ smart contracts into calculating key variables incorrectly,” prosecutors stated. 🤖💡
“Through his cunning trades, Medjedovic managed to withdraw millions of dollars from investors at artificially inflated prices, effectively reducing their investments to digital dust,” the indictment declared. 💥💀
After allegedly pulling off the KyberSwap caper, prosecutors claimed he “tried to extort the victims of the KyberSwap exploit with a phony settlement proposal.” Now there’s a bold move! 😆
Medjedovic reportedly sent a series of onchain messages, threatening to drag out negotiations over returning the funds and later demanding control of the protocol “in exchange for returning 50% of the digital assets he snagged through his escapades.” 🤑
The indictment further alleged that Medjedovic, ever the mastermind, conspired with a relative to launder the stolen crypto from KyberSwap and Indexed Finance through a crypto mixer and several blockchain bridges. Their grand plan? To cash out on exchanges and stash the money in bank accounts set up with fake info. Classic! 🕶️🌀
Prosecutors stated that when an unnamed bridge protocol froze some of the funds, Medjedovic, undeterred, allegedly shelled out around $85,000 to an undercover law enforcement agent posing as a software developer to release the trapped crypto. Now that’s dedication to his craft! 🤣💻
Info about Medjedovic’s lawyers was not available, and despite all the commotion, Medjedovic could not be reached for comment. Guess he’s staying true to the ‘silent and shady’ archetype. 🎭
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2025-02-04 04:36