Canadian Man Charged with $65 Million Crypto Heist
U.S. prosecutors have formally charged Andean “Andy” Medjedovic, a 22-year-old from Canada, for his alleged involvement in two significant decentralized finance (DeFi) hacks, which collectively resulted in the theft of approximately $65 million in cryptocurrency. These incidents include the notorious 2021 Indexed Finance exploit and the more recent 2023 KyberSwap hack.
According to a newly-unsealed indictment filed in the Eastern District of New York (EDNY), Medjedovic is accused of masterminding both operations. While he had previously admitted to his role in the Indexed Finance breach, the extent of his involvement in the KyberSwap exploit was not widely known until now. During the Indexed Finance incident, he reportedly siphoned off a staggering $16 million while he was still a teenager.
Read more: After Stealing $16M, This Teen Hacker Seems Intent on Testing ‘Code is Law’ in the Courts
Medjedovic’s identification as the Indexed Finance hacker was not particularly concealed, as he openly expressed his belief that his actions were not illegal. This perspective aligns with that of another DeFi hacker, Avraham “Avi” Eisenberg, who adopted a similar “code is law” philosophy following his 2022 exploit of Mango Markets, where he extracted $110 million from the decentralized exchange. However, a New York jury disagreed with Eisenberg’s rationale, ultimately convicting him of fraud and market manipulation. He now faces a possible 20-year prison sentence, with sentencing scheduled for later this year.
Since December 2021, Medjedovic has been evading authorities after a Canadian court issued an arrest warrant for him. In 2023, he shared with a DeFi Llama reporter that living as a fugitive had become “exhausting.” He revealed that he had been traveling through various locations, including Europe, South America, and an undisclosed island nation, while attempting to avoid capture. A spokesperson from the Eastern District of New York confirmed to CoinDesk that Medjedovic remains “at large” and is not currently believed to be in the United States.
Eight months after claiming to have transitioned into a whitehat hacker, prosecutors allege that Medjedovic orchestrated the KyberSwap hack, resulting in the theft of approximately $50 million. The indictment reveals that Medjedovic meticulously planned this operation for several months, drafting notes to himself that read “Find time to Strike!” and outlining a detailed “POST-EXPLOITATION” strategy.
In one document, Medjedovic reflected on his previous missteps, writing, “Going On the run / Yes / Chance of getting caught.” This statement underlines the calculated nature of his actions and his ongoing evasion of law enforcement.
