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coinpedia 2025-02-04 06:00:21

22-Year-Old Canadian Hacker Accused of Stealing $65 Million in Cryptocurrency

The post 22-Year-Old Canadian Hacker Accused of Stealing $65 Million in Cryptocurrency appeared first on Coinpedia Fintech News A 22-year-old Canadian, Andean Medjedovic, has been charged with stealing $65 million from two cryptocurrency platforms using advanced hacking techniques. U.S. prosecutors revealed that he targeted Indexed Finance in 2021 and KyberSwap in 2023. Meanwhile, he has been on the run from authorities since 2021. Mastermind Behind $65 Million Exploits A U.S. court in Brooklyn has officially charged Andean Medjedovic with wire fraud, computer hacking, and attempted extortion. He is accused of stealing around $65 million in cryptocurrency by exploiting weaknesses in crypto platforms. Prosecutors say Andean Medjedovic borrowed a large number of tokens, manipulated prices through trades, and then took the tokens to make a profit, cheating investors. By exploiting vulnerabilities in the smart contracts that facilitate transactions, he was able to drain $49 million from KyberSwap and $16 million from Indexed Finance. John Durham, acting U.S. attorney in Brooklyn, warned that individuals who misuse technology to deceive investors will be pursued, no matter where they operate. On the Run Since 2021 Medjedovic, who was once a promising master’s student at the University of Waterloo, has been evading authorities since 2021. Canadian courts had already charged him for the Indexed Finance hack, with one judge acknowledging his “formidable mathematical powers” in orchestrating the theft. His digital footprint suggests he sees himself as a “pirate” who operates in a legal gray area. Despite being wanted in Canada, he remained active in the crypto space and, according to the complaint, even attempted to negotiate control over KyberSwap in exchange for returning part of the stolen funds. Crypto Crimes on the Rise The crypto world has seen a surge in financial crimes. Just last year, two men were charged with stealing $230 million in digital assets and spending lavishly in Los Angeles and Miami. Additionally, the founder of a French crypto company was kidnapped and held for ransom before being released. With Bitcoin surpassing $100,000 and digital assets becoming more valuable, cybercriminals are finding new ways to exploit the system.