One of the biggest DeFi hacks in crypto history has finally identified the perpetrator.

The US has identified the perpetrator of the KyberSwap and Indexed Finance hacks

The KyberSwap attacker has been exposed

Yesterday (February 3), the US Department of Justice (DOJ) announced a 5-count indictment against Andean Medjedovic, a 22-year-old Canadian citizen. Medjedovic is accused of attacking two DeFi protocols KyberSwap and Indexed Finance, stealing around $65 million from investors.

Loi Luu, the founder of Kyber Network, posted the DOJ indictment on X and confirmed that the perpetrator has been unmasked.

Another great news! The hacker behind the KyberSwap attack, has been charged! You can't just hack defi and run away from justice!

Thanks everyone who worked tirelessly to make this happen. Huge congrats to @vutran54 & Kyber teamhttps://t.co/0HbMvddZER https://t.co/uzWRAJH7zj

— Loi Luu (@loi_luu) February 4, 2025

According to court records, from 2021 to 2023, Medjedovic exploited vulnerabilities in the smart contracts of KyberSwap and Indexed Finance. By borrowing hundreds of millions of dollars in digital Tokens, he executed fraudulent transactions to manipulate the critical pricing calculations of the smart contracts, causing these protocols to miscalculate the value of the assets. Exploiting this vulnerability, Medjedovic siphoned millions of dollars from investor funds at artificially inflated prices, rendering their investments worthless.

After obtaining the funds, Medjedovic conducted a series of complex transactions to launder the money and conceal the origin of the assets. The methods used include:

• Token Swap

• Cross-chain asset transfers

• Using cryptocurrency mixing services (mixers) to erase all transaction traces

Additionally, Medjedovic and his accomplices opened accounts on cryptocurrency exchanges using false information to conceal their identities and the origin of the funds obtained through the fraudulent activities.

The KyberSwap extortion plot

Around November 2023, after manipulating KyberSwap, Medjedovic also demanded control over the entire protocol and the KyberSwap DAO management organization, in exchange for returning 50% of the stolen funds.

The results have been clarified, Medjedovic is currently facing 5 charges:

1. Wire fraud

2. Intentional damage to a protected computer (maximum sentence: 10 years in prison)

3. Extortion under the Hobbs Act

4. Conspiracy to commit money laundering

5. Money laundering

For the remaining charges, Medjedovic could face up to 20 years in prison for each offense. If convicted on all charges, he could be sentenced to up to 90 years in prison. However, the federal judge will determine the specific sentence based on the US Sentencing Guidelines and other legal factors.

This case is being investigated by the following US law enforcement agencies:

• Internal Revenue Service Criminal Investigation (IRS-CI)

• Homeland Security Investigations (HSI)

• FBI New York Field Office

• US Customs and Border Protection (CBP)

• US Department of Justice (DOJ)

Additionally, Dutch law enforcement agencies, including the Dutch Public Prosecution Service and the National Police Cybercrime Unit - The Hague, have provided significant assistance in the investigation.

The case of Andean Medjedovic is one of the largest fraud and DeFi attacks to date, causing tens of millions of dollars in losses to investors

Compiled by Coin68