Canadian Man Indicted for Stealing $65 Million from Cryptocurrency Platforms
February 6, 2025 — Updated: February 6, 2025
A 22-year-old man from Canada, linked to the Waterloo Region, is facing serious legal trouble in the United States following accusations of stealing approximately $65 million from two cryptocurrency platforms. The U.S. Department of Justice (DOJ) unsealed an indictment on Monday against Andean Medjedovic, outlining charges that include wire fraud, attempted extortion, and money laundering.
Allegations of Deceptive Trading
According to the indictment, Medjedovic allegedly exploited vulnerabilities in the protocols of KyberSwap and Indexed Finance to withdraw millions of dollars in digital tokens through deceptive trading practices. The DOJ stated, ‘Through his deceptive trades, Medjedovic was able to, and ultimately did, withdraw millions of dollars of investor funds from the protocols at artificial prices, rendering the victims’ investments essentially worthless.’
Background and Legal Troubling
Before these allegations surfaced, Medjedovic had previously been involved in a civil trial with Indexed Finance in Ontario in 2021. Described as a prodigy, he graduated from the University of Waterloo with a degree in civil engineering at just 19 years old. However, his academic success has now been overshadowed by his alleged criminal activities.
Medjedovic made a limited appearance related to the cryptocurrency case, but he has since entered hiding. Justice Fred Myers expressed concern for Medjedovic, indicating that he might be making poor decisions out of fear, especially due to doxxing and threats. The judge’s court documents revealed, ‘I am hopeful that he is not choosing at age 19 to live a fugitive’s life forsaking his family and a potentially brilliant career.’
Attempts to Extort and Launder Funds
The indictment also highlights that after exploiting KyberSwap, Medjedovic allegedly attempted to extort funds from the victims by proposing to gain control of the platform. Moreover, he is said to have engaged in money laundering efforts to disguise the gains from his exploits, unwittingly involving an undercover federal agent in the process.
Messages recovered from Medjedovic’s communications revealed his anxiety about his situation. In one message, he confided to another user, “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
If found guilty of all charges, Andean Medjedovic could face a lengthy prison sentence of up to 90 years. The severity of the indictment serves as a stark reminder of the risks associated with cryptocurrency investments, as well as the potential for abuse in the rapidly evolving digital asset landscape.
The case continues to unfold, drawing attention to both Medjedovic’s situation and the larger narratives surrounding security and accountability in the cryptocurrency world. The Department of Justice remains vigilant in tackling fraud and illicit activities within this growing sector.
For further updates on this developing story, keep an eye on breaking news alerts from national and international sources.
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