A 22-year-old Canadian, Andean Medjedovic, is wanted by US authorities for allegedly stealing $48.8 million in cryptocurrency from the KyberSwap trading platform. Prosecutors say he exploited a weakness in KyberSwap’s system.
Exploiting a “Glitch”
Medjedovic is accused of using borrowed crypto, worth hundreds of millions of dollars, to manipulate prices on KyberSwap. He then triggered what he called a “glitch” in the platform’s automated system, allowing him to drain funds from 77 different accounts across six blockchains.
Extortion Attempt
Following the theft, Medjedovic allegedly tried to blackmail KyberSwap’s developers, demanding control of the platform and its associated organization in exchange for half of the stolen crypto.
Money Laundering Allegations
Authorities also allege Medjedovic attempted to launder the stolen funds using various methods, including cryptocurrency mixers. The indictment further claims he pulled off a similar heist in 2021, stealing $16.5 million from Indexed Finance.
Facing Serious Charges
Medjedovic is charged with wire fraud, computer hacking, and attempted extortion. He remains at large.
