Canadian Man Accused of Stealing $65 Million from Cryptocurrency Platforms
February 6, 2025
By Timely News Agent
A 22-year-old Canadian man, Andean Medjedovic, is at the center of an extensive investigation by U.S. authorities after being accused of stealing nearly $65 million from two cryptocurrency platforms. The Department of Justice (DOJ) announced the unsealing of an indictment against Medjedovic on Monday, shedding light on his alleged exploitations in the realm of digital currency.
Allegations Against Medjedovic
According to the indictment, Medjedovic is accused of exploiting vulnerabilities in the protocols of two cryptocurrency platforms: KyberSwap and Indexed Finance. Reports indicate that he engaged in deceptive trading practices that led to the withdrawal of millions of dollars from investor funds at artificially inflated prices. This manipulation effectively rendered the victims’ investments worthless.
The DOJ’s release articulated that Medjedovic was able to orchestrate his operations in such a manner that he took advantage of investors, further complicating their access to their assets.
Background Information
Born in the Waterloo Region of Canada, Medjedovic reportedly graduated from the University of Waterloo with a degree in civil engineering at the young age of 19. His academic achievements were overshadowed by his turbulent foray into cryptocurrency, which has resulted in serious legal repercussions.
In 2021, Medjedovic was involved in a civil trial concerning Indexed Finance in Ontario. However, despite a brief appearance in relation to that case, he has since evaded authorities, prompting Justice Fred Myers to issue a warrant for his arrest. The judge expressed concern for Medjedovic’s well-being, noting fears that he may be making detrimental choices as a result of threats he had received.
“My hope is that he is not choosing at age 19 to live a fugitive’s life forsaking his family and a potentially brilliant career,” stated Myers in court documents.
Additional Charges and Encounters
The indictment outlines accusations extending beyond theft, including attempts at extortion following the heist of KyberSwap. Medjedovic allegedly sought to take control of the platform after the theft and attempted to launder the fraudulent proceeds. Interestingly, during his efforts to distance himself from his actions, he is said to have unwittingly interacted with a federal agent.
The DOJ has also obtained communications in which Medjedovic expressed concerns about being on the run. In one message, he wrote, “I did something very cool but accidentally doxxed myself in the process. I may be on the run forever now…Need some advice about becoming a pirate.”
Potential Consequences
The charges lodged against Medjedovic are serious. If he is convicted on all counts—which include wire fraud, unauthorized damage to a protected computer, attempted Hobbs Act extortion, and conspiracy to commit money laundering—he faces the possibility of up to 90 years in prison.
With the rise of cryptocurrency, incidents of fraud and theft like this highlight the vulnerabilities present in the digital currency landscape. As regulatory scrutiny increases, the Medjedovic case could serve as a landmark example of criminal activity in the evolving world of digital finance.
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