Canadian Man Charged with Stealing $65 Million in Cryptocurrency

A Canadian man has been charged with a lawsuit for stealing $65 million in cryptocurrency from two crypto platforms. He is also charged with laundering his illegal gains. According to authorities, Andean Medjedovic, a former master’s student at the University of Waterloo, has been escaping from the authorities since the year 2021, after being accused of illegal money laundering of stolen crypto.

In the past, he was already charged with a lawsuit by Canadian courts for the Indexed Finance hack, with one judge acknowledging his “formidable mathematical abilities” in setting up the theft. His digital footprint indicates that he identifies himself as a “pirate” operating in a legal grey area. Although he is a wanted man in Canada, he remained active in the cryptocurrency space. 

According to the press release by the US Department of Justice ,  in exchange for returning a portion of the money that he had stolen Medjedovic had even tried to control KyberSwap.

He also manipulated the prices by borrowing a large number of tokens, conducting trades, and profiting at the expense of investors. By exploiting vulnerabilities in the smart contracts that facilitate transactions, he managed to drain $49 million from KyberSwap and $16 million from Indexed Finance.

John Durham, the acting U.S. attorney in Brooklyn, stated that “The individuals like Medjedovic, who take advantage of new technologies to harm investors, will be held accountable no matter where in the world they commit their crimes.”

However, Trial Attorney Tian Huang from the Criminal Division’s Fraud Section is part of the National Cryptocurrency Enforcement Team (NCET)  along with Assistant U.S. Attorneys Nicholas Axelrod and Andrew Reich, are further prosecuting the case. 

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