Federal prosecutors have indicted Andean Medjedovic for stealing $65 million in cryptocurrency by exploiting vulnerabilities in the decentralized finance platforms KyberSwap and Indexed Finance. The indictment details how Medjedovic manipulated trading practices and induced glitches in automated market makers, allowing him to siphon funds from liquidity pools. Allegedly, he sought to extort victims by offering to return a portion of the stolen assets in exchange for control over the platform. Furthermore, he attempted to conceal the stolen funds through various laundering techniques, highlighting a sophisticated scheme spanning multiple blockchains.
In November 2023, he allegedly used hundreds of millions of dollars in borrowed cryptocurrency to cause artificial prices in the KyberSwap liquidity pools.
Formidable mathematical prowess was utilized to exploit vulnerabilities in the KyberSwap and Indexed Finance smart contracts through manipulative trading practices.
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