A 22-year-old Canadian, Andean Medjedovic, has been charged with stealing $65 million from two cryptocurrency platforms utilizing superior hacking strategies. U.S. prosecutors revealed that he focused Listed Finance in 2021 and KyberSwap in 2023. In the meantime, he has been on the run from authorities since 2021.
Mastermind Behind $65 Million Exploits
A U.S. court docket in Brooklyn has formally charged Andean Medjedovic with wire fraud, laptop hacking, and tried extortion. He’s accused of stealing round $65 million in cryptocurrency by exploiting weaknesses in crypto platforms.
Prosecutors say Andean Medjedovic borrowed a lot of tokens, manipulated costs by trades, after which took the tokens to make a revenue, dishonest buyers.
By exploiting vulnerabilities within the good contracts that facilitate transactions, he was in a position to drain $49 million from KyberSwap and $16 million from Listed Finance.
John Durham, performing U.S. legal professional in Brooklyn, warned that people who misuse know-how to deceive buyers will likely be pursued, irrespective of the place they function.
On the Run Since 2021
Medjedovic, who was as soon as a promising grasp’s pupil on the College of Waterloo, has been evading authorities since 2021. Canadian courts had already charged him for the Listed Finance hack, with one choose acknowledging his “formidable mathematical powers” in orchestrating the theft.
His digital footprint suggests he sees himself as a “pirate” who operates in a authorized grey space.
Regardless of being wished in Canada, he remained energetic within the crypto area and, in keeping with the grievance, even tried to barter management over KyberSwap in trade for returning a part of the stolen funds.
Crypto Crimes on the Rise
The crypto world has seen a surge in monetary crimes. Simply final yr, two males had been charged with stealing $230 million in digital belongings and spending lavishly in Los Angeles and Miami.
Moreover, the founding father of a French crypto firm was kidnapped and held for ransom earlier than being launched.
With Bitcoin surpassing $100,000 and digital belongings turning into extra helpful, cybercriminals are discovering new methods to take advantage of the system.
