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A young Canadian hacker is now wanted after allegedly exploiting a “glitch” to loot $48.8 million in crypto from the decentralized finance (DeFi) protocol KyberSwap, according to a new indictment. The U.S. Attorney's Office for the Eastern District of New York alleges that Andean Medjedovic, 22, exploited vulnerabilities in the KyberSwap code in 2023.
Canadian national Andean Medjedovic has been accused of committing the $48-million exploit on DeFi protocol KyberSwap.
Federal prosecutors in the United States have charged a Canadian national with exploiting vulnerabilities across two decentralized finance protocols, alleging he stole millions in cryptocurrency and attempted to cover his tracks.
A 22-year-old Canadian man, Andean Medjedovic, has been charged by U.S. federal prosecutors for allegedly hacking two cryptocurrency platforms, KyberSwap and Indexed Finance, stealing a staggering $65 million.
U.S. prosecutors indicted Andean Medjedovic for hacking KyberSwap and Indexed Finance, stealing nearly $65 million through market manipulation.
Andean “Andy” Medjedovic, 22, has been on the run from authorities since 2021.
The US Department of Justice charged Andean Medjedovic with exploiting two crypto protocols, alleging he tried to extort one with a “sham settlement proposal.”
A federal court in New York unsealed on Feb. 3 a five-count criminal indictment against Andean Medjedovic for allegedly exploiting KyberSwap and Indexed Finance to steal $65 million. Medjedovic has not been apprehended by law authorities as of Feb. 3 and remains at large.
He purportedly exploited vulnerabilities in the smart contracts of KyberSwap and Indexed Finance to steal around $48.8 million and $16.5 million respectively.
The United States Department of Justice classify the case as one of the most sophisticated cybercrimes in recent memory, exploiting security flaws in cryptocurrency-based financial platforms.
Blockchain security firm Peckshield revealed on Feb. 26 that an exploiter labeled address associated with the Kyberswap hack had bridged approximately 800 ether tokens from Arbitrum to the Ethereum blockchain. On the same day, the Kyberswap team unveiled revised dates for reimbursing users impacted by the hacking.
A decentralized exchange (DEX), KyberSwap, recently suffered a considerable security breach that resulted in substantial financial losses. In a new twist, the hacker behind the breach transferred much of the stolen money, almost $2.5 million in Ether, from Arbitrum to the Ethereum network.
KyberSwap hacker shifts $2.5 million in stolen funds from Arbitrum to Ethereum, highlighting ongoing security challenges in the decentralized exchange space. KyberSwap's response includes offering grants to hack victims.
A wallet address linked to the KyberSwap exploiter was seen transferring $2.5 million from Arbitrum to Ethereum.
Web3 hacks and scams cost the ecosystem $1.83 billion in 2023 despite the amount of funds lost to exploits dropping by half compared with 2022.
The CEO of Kyberswap, the decentralized finance aggregator, revealed on Christmas Day that the platform recently laid off 50% of its workforce. The CEO added his organization is in the process of creating a voluntary database that is expected to help these workers secure new jobs in the Web3 space.
The platform, which was hacked in November, had to let staff go in order to free up funds to reimburse users.
KyberSwap, after a $48.8M hack, has halved its workforce and launched a reimbursement plan for affected users, showcasing the resilience of DeFi.
Decentralized finance (DeFi) platform Kyber Network has taken significant steps to address the aftermath of a massive security breach in November, with CEO and co-founder Victor Tran at the helm. Despite the challenges posed by the “Elastic exploit”, KyberSwap's core business, including the aggregator and limit order functions, remains fully functional, according to the latest statement.
The firm said it's priorities now are to keep KyberSwap's Aggregator and Limit Order functions up and running and to reimburse impacted customers.
Decentralized finance (DeFi) platform Kyber Network is cutting its staff in half following a large exploit earlier this year, according to its CEO and founder. In November, KyberSwap was exploited for $46.5 million worth of digital assets, including $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth of Lido-wrapped staked Ethereum (wstETH), and $4.
Decentralized Finance (DeFi) firm Kyber Network is determined to bounce back after a recent security breach, pledging to reimburse affected users while rejecting the hacker's audacious demands to take control of the company.
KyberSwap, a leading decentralized exchange (DEX) aggregator, announced a 50% reduction in its workforce following a $54 million exploit earlier this month. CEO and co-founder Victor Tran announced the decision on social media on Dec. 25.
Kyber Network rebuilds after hacker exploit and theft; plans to boost sustainability and support affected users.
