U.S. authorities have formally charged 22-year-old Canadian citizen Andean Medjedovic, who is suspected of orchestrating major cyberattacks against cryptocurrency platforms KyberSwap and Indexed Finance. Prosecutors allege that Medjedovic exploited vulnerabilities in these platforms’ systems, siphoning nearly $65 million in digital assets.
According to the U.S. Department of Justice, Medjedovic employed sophisticated manipulation tactics, including securing hundreds of millions of dollars in digital asset loans, which enabled him to overload platform algorithms. As a result, user assets were devalued, and the affected companies suffered multi-million-dollar losses.
In October 2021, Medjedovic breached Indexed Finance, extracting $16.5 million from the platform. In November 2023, he executed a similar attack on KyberSwap, escalating his exploits by stealing $48.4 million. Representatives from KyberSwap stated that an “intricate sequence of operations” allowed the hacker to bypass security measures and withdraw user funds.
Following the hacks, Medjedovic attempted to launder the stolen funds through a series of transactions and cryptocurrency mixers. He allegedly used forged or stolen documents to create accounts on cryptocurrency exchanges, obscuring the movement of illicit assets. In one intercepted message, he reportedly confided to an associate: “I pulled off something incredible, but I accidentally exposed myself. Looks like I’ll have to be on the run for life… I need to figure out how to become a pirate ASAP.”
Prosecutors also noted that after the Indexed Finance attack, Medjedovic openly interacted with journalists, even suggesting that he was planning future cyberattacks. His preparation for the KyberSwap breach spanned several months, during which he meticulously calculated the optimal moment to strike. Investigators discovered documents on his computer detailing escape plans and flight ticket purchases.
However, his elaborate plans unraveled after he unknowingly engaged with an undercover agent who offered assistance in laundering the stolen funds. In February 2024, Medjedovic transferred $86,559 to the agent, hoping to extract funds from frozen exchanges. Authorities also uncovered evidence that following the KyberSwap hack, Medjedovic attempted to extort the platform’s leadership, offering to return half of the stolen assets in exchange for full control over the platform and its management infrastructure.
Investigators have also identified an accomplice who allegedly assisted in concealing the stolen funds, though their identity has not yet been disclosed. If convicted, Medjedovic faces up to 20 years in prison on most charges, along with an additional 10-year sentence for unauthorized access to a computer system. The final verdict on his sentencing will be determined by the court.
