Canadian hackers sued for illegally profiting $65 million through DEX automated contract vulnerabilities

A Canadian hacker used a loophole in the Decentralized Finance exchange for fraud. Currently, this man is still at large and facing five charges, including telecommunications fraud, computer damage, extortion, and Money Laundering. It is reported that this man was indicted for allegedly defrauding investors, including Americans, of approximately $65 million by exploiting vulnerabilities in two Decentralized Finance protocols.

Andean Medjedovic, 22, manipulated the smart contracts of Decentralization traders KyberSwap and Indexed Finance between 2021 and 2023, artificially extracting funds from investors through price manipulation and rendering their investments worthless. Despite being indicted, Andean Medjedovic's whereabouts remain unknown, and Dutch prosecuting authorities and the Dutch National Police Cyber Crime Department in The Hague are actively assisting the United States in locating him.

Andean Medjedovic faces five charges, including telecommunications fraud, unauthorized computer damage, attempted extortion (using force, threats, or intimidation to unlawfully obtain property), and two counts of Money Laundering announced by the U.S. Department of Justice. If convicted, he could face up to 10 years in prison, and up to 20 years if combined with other charges.

According to the indictment, he is suspected of using millions of dollars in cryptocurrencies and engaging in a series of fraudulent transactions, deceiving automated contracts through manual manipulation.