22-year-old math wiz indicted for alleged DeFI hack that stole $65M
1 min read
Summary
Andean Medjedovic is alleged to have stolen $65m in cryptocurrency by exploiting vulnerabilities in KyberSwap and Indexed Finance in 2021 and 2023.
He exploited the platforms’ “liquidity pools”, which allow users to move cryptocurrency from one platform to another, funded by user contributions and managed by smart contracts.
He is accused of using manipulative trading practices and taking advantage of the automated market makers (AMMs) used by the platforms to execute trades, by inducing them to “glitch” to steal the funds.
Medjedovic then tried to extort the developers, investors and members of the DAO to return some of the funds, offering to give back 50% of the cryptocurrency he stole in return for control of the KyberSwap protocol.
In an attempt to launder the proceeds, he usedbridge protocols to transfer cryptocurrency from one blockchain to another using a cryptocurrency mixer to hide the source of the assets.
