Canadian Man Charged with Allegedly Stealing $65 Million in Cryptocurrency
Indictment Reveals Details of Digital Heist and Alleged Laundering Schemes
Published on February 5, 2025
A Canadian man, Andean Medjedovic, has been indicted in the United States for the alleged theft of $65 million worth of cryptocurrency. If convicted on multiple charges, Medjedovic could face a prison sentence of up to 90 years.
Allegations Overview
According to U.S. prosecutors, Medjedovic executed a series of fraudulent transactions involving the cryptocurrency platforms KyberSwap and Indexed Finance from 2021 until 2023. He is accused of exploiting vulnerabilities in these automated smart contracts to siphon off large sums of money. As of now, the 22-year-old has not been apprehended by law enforcement.
The indictment was unsealed on Monday, revealing that Medjedovic, who holds a master’s degree in mathematics from the University of Waterloo, allegedly orchestrated a meticulously planned attack aimed at extracting funds from investors’ accounts. Prosecutors indicate that he borrowed hundreds of millions of dollars in digital tokens to carry out deceptive trades, ultimately resulting in the withdrawal of millions at manipulated prices, rendering many investors’ holdings effectively worthless.
Statements from Authorities
John Durham, a U.S. attorney, emphasized the commitment of the judicial system to hold accountable individuals who exploit technology for criminal gain, stating, “Criminals like the defendant who take advantage of new technologies to harm investors will be held accountable no matter where in the world they carry out their schemes.”
The U.S. Attorney’s Office in the Eastern District of New York outlined the breadth of Medjedovic’s alleged exploits, detailing efforts to launder the stolen funds through ‘bridge’ protocols—data transfer mechanisms used between different blockchain networks—and cryptocurrency mixers that obscure the origins of the digital assets.
Additional Charges and Legal Troubles
Beyond the theft allegations, Medjedovic is also charged with one count of wire fraud, one count of attempted Hobbs Act extortion, and multiple money laundering offenses. Each of these accusations could lead to a sentence of up to 20 years, while a separate charge related to unauthorized damage to a protected computer carries a potential sentence of 10 years.
The indictment also brought to light comments made by Medjedovic regarding his alleged crimes. In a social media post from October 2021, he claimed to have ‘accidentally doxxed’ himself and mused about the prospect of living as a fugitive.
Legal Precedents and Prior Allegations
Medjedovic has a history of legal issues connected to cryptocurrency. In 2021, a company named Cicada 137 LLC accused him of misappropriating $15 million in digital assets. The lawsuit claimed that he used sophisticated mathematical techniques to exploit Indexed Finance, leading to significant financial losses for the company and its investors. Despite a search warrant allowing authorities to investigate his parents’ home for evidence, officials were unable to locate him, as Medjedovic had reportedly moved out.
Court proceedings related to the Cicada lawsuit have not seen his presence since at least 2022, leading to a contempt of court finding and a warrant for his arrest.
Conclusion
As this case unfolds, the implications for digital currency regulation and enforcement remain a focal point in the evolving landscape of cryptocurrency. The indictment represents a significant step in addressing the complexities and risks associated with digital financial platforms.
For ongoing updates regarding this case, along with other national and international news, visit nationalpost.com.
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