Federal prosecutors in New York have charged 22-year-old Canadian Andean Medjedovic with a five-count indictment for allegedly exploiting two decentralized finance (DeFi) protocols to steal approximately $65 million from investors. Medjedovic is accused of manipulating smart contracts on KyberSwap and Indexed Finance, orchestrating deceptive trades that altered key financial metrics. Authorities allege he also attempted to extort victims and laundered the stolen funds through multiple blockchain networks. Despite efforts to conceal the fraudulent assets, prosecutors claim that traces of the stolen funds remain detectable, leading to his indictment.
Medjedovic allegedly called the exploit a "glitch" and "fake" liquidity, indicating a blatant disregard for the financial integrity of the decentralized finance protocols.
Prosecutors claim that Medjedovic abused automated smart contracts to run "deceptive trades," draining $65 million from investors while crafting misleading transactions.
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