The world of decentralized finance was shaken by the news of official charges against Canadian Andean Medjedovic. The 22-year-old hacker, who had long been hiding from justice, is accused of stealing around $65 million by exploiting vulnerabilities in the Indexed Finance protocols (in 2021) and KyberSwap (in 2023).
According to the case materials, the perpetrator used complex manipulations with liquidity pools and smart contracts to artificially distort prices. After successful attacks, he attempted to launder funds through crypto mixers and even resorted to extortion, offering to return part of the money in exchange for full control over the KyberSwap DAO.
This case has become an important precedent for the crypto industry. It demonstrates that despite the anonymity of blockchain, law enforcement agencies are improving their methods of tracking transactions and holding cybercriminals accountable. For investors, this is yet another reminder of the critical importance of auditing smart contracts and the risks associated with the DeFi sector.
Stay updated on the main events in the crypto and security world!
Subscribe to @Mining Updates #MiningUpdates
#DeFi #CryptoNews #Kyberswap #IndexedFinance #CyberSecurity #Blockchain #Ethereum
