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Crime and Investigations

Canadian Man Indicted for $65 Million DeFi Exploit and Crypto Fraud Scheme

Canadian Man Indicted for $65 Million DeFi Exploit and Crypto Fraud Scheme

A Canadian man is facing serious charges after allegedly exploiting vulnerabilities in decentralized finance (DeFi) protocols to steal roughly $65 million from investors, including those in the U.S.

The accused, 22-year-old Andean Medjedovic, reportedly manipulated smart contracts on platforms KyberSwap and Indexed Finance, allowing him to withdraw funds at inflated prices, effectively devaluing investors’ assets.

Although Medjedovic has yet to be apprehended, authorities, including Dutch law enforcement, are actively searching for him. The U.S. Department of Justice has charged him with multiple offenses, including wire fraud and money laundering. If convicted, he could face decades in prison.

The charges outline a scheme where Medjedovic borrowed significant amounts of digital tokens and used deceptive tactics to trick the smart contracts into miscalculating financial metrics. He allegedly moved funds across blockchains, masked transactions with digital mixers, and used false identities to hide his tracks.


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Medjedovic’s involvement in crypto fraud extended to a sophisticated “playbook” that guided him in laundering stolen funds, which he called the “moneyMovementSystem.” At one point, he even offered a bribe to an undercover agent to help him bypass restrictions on stolen assets.

His most notable exploit occurred in November 2023, when he allegedly targeted KyberSwap, a DeFi platform, draining almost $50 million from 77 liquidity pools. Following this attack, he reportedly tried to extort the platform’s developers and investors by offering a fraudulent settlement.

This case reflects the broader crackdown on financial crimes in the digital space, with authorities worldwide intensifying efforts to combat cybercrime. Recently, a similar investigation led to the arrest of a man involved in a $235 million hack on India’s top crypto exchange, WazirX.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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