{"id":11242,"date":"2025-02-04T11:31:49","date_gmt":"2025-02-04T11:31:49","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11242"},"modified":"2025-02-04T11:31:49","modified_gmt":"2025-02-04T11:31:49","slug":"canadian-national-charged-in-65-million-defi-exploit-and-money-laundering-case","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11242","title":{"rendered":"Canadian National Charged In $65 Million DeFi Exploit And Money Laundering Case"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">US prosecutors have charged a Canadian national with orchestrating a $65 million exploit targeting decentralized finance (DeFi) platforms KyberSwap and Indexed Finance. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Justice Department <a href=\"https:\/\/www.justice.gov\/usao-edny\/media\/1388036\/dl?inline\" target=\"_blank\" rel=\"nofollow\">unsealed an indictment on 3<\/a> <\/span><span data-preserver-spaces=\"true\">February 2025<\/span><span data-preserver-spaces=\"true\"> in a Brooklyn federal court against Andean Medjedovic, accusing him of hacking, wire fraud, money laundering, and attempted extortion. Medjedovic remains at large, according to the Brooklyn US Attorney\u2019s Office.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Prosecutors allege that in October 2021, Medjedovic manipulated Indexed Finance\u2019s smart contracts to steal $16.5 million through deceptive trades.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-coinbase-listings\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">15 New &amp; Upcoming Coinbase Listings to Watch in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">$48.8 Million Drained In Repeat DeFi Attack<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Two years later, in November 2023, he allegedly executed a similar attack on KyberSwap, siphoning approximately $48.8 million from the protocol\u2019s liquidity pools.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the indictment, Medjedovic borrowed hundreds of millions in digital tokens and engaged in complex trading maneuvers <\/span><span data-preserver-spaces=\"true\">designed<\/span><span data-preserver-spaces=\"true\"> to trick the protocols\u2019 smart contracts into miscalculating key financial variables. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By exploiting these vulnerabilities, he allegedly withdrew investor funds at artificially inflated prices, leaving victims with worthless assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following the KyberSwap hack, Medjedovic <\/span><span data-preserver-spaces=\"true\">is accused<\/span><span data-preserver-spaces=\"true\"> of attempting to extort victims through an on-chain settlement proposal. Prosecutors claim he threatened to delay negotiations over returning funds and later demanded operational control of the protocol in exchange for returning 50% of the stolen assets.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Canadian Man Charged in $65 million Cryptocurrency Hacking Schemes. <a href=\"https:\/\/t.co\/pjiYhxzD2K\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/pjiYhxzD2K<\/a><\/p>\n<p>\u2014 CryptoMutant (@CryptoMutant) <a href=\"https:\/\/twitter.com\/CryptoMutant\/status\/1886651426853593334?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 4, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The indictment also details Medjedovic\u2019s efforts to launder the stolen funds with the help of a relative. Authorities allege he funneled money through a crypto mixer and multiple blockchain bridges to convert the assets into fiat currency using fraudulent bank accounts. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When an unnamed bridge protocol froze <\/span><span data-preserver-spaces=\"true\">a portion<\/span><span data-preserver-spaces=\"true\"> of the funds, Medjedovic reportedly paid $85,000 to an undercover law enforcement officer posing as a developer to unlock them.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Crypto Hacks Drop 44% In January As Hackers Steal $73M<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Cryptocurrency-related cybercrime\u00a0<\/span><span data-preserver-spaces=\"true\">saw a significant decline<\/span><span data-preserver-spaces=\"true\">\u00a0in January 2025, with hackers stealing $73 million across 19 separate incidents \u2014 a 44% drop from the $133 million stolen in January 2024.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the decrease is a positive sign for industry security, the figure still represents a sharp ninefold increase from December 2024, when crypto hackers stole just $3.8 million, according to a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/crypto-hacks-drop-44-in-january-as-hackers-steal-73m\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">30\u00a0January<\/span><span data-preserver-spaces=\"true\"> 2025 report from Immunefi<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The\u00a0<\/span><span data-preserver-spaces=\"true\">largest<\/span><span data-preserver-spaces=\"true\">\u00a0single attack of the month targeted Singapore-based crypto exchange Phemex, which lost $69 million, making up the vast majority of the\u00a0month\u2019s\u00a0total stolen funds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The second-largest hack involved Moby Trade, a crypto options platform, which suffered a $2.5 million breach. Despite the overall decline in theft compared to last year, the data underscores the ongoing vulnerability of cryptocurrency platforms to cyber threats.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Immunefi, centralized finance (CeFi) platforms accounted for 93% of all crypto theft in January, with losses totaling $69 million across a few major incidents.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/canadian-national-charged-in-65-million-defi-exploit-and-money-laundering-case\/\">Canadian National Charged In $65 Million DeFi Exploit And Money Laundering Case<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>US prosecutors have charged a Canadian national with orchestrating a $65 million exploit targeting decentralized finance (DeFi) platforms KyberSwap and Indexed Finance. The Justice Department unsealed an indictment on 3 February 2025 in a Brooklyn federal court against Andean Medjedovic, accusing him of hacking, wire fraud, money laundering, and attempted extortion. Medjedovic remains at large, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11242","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11242"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11242\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}