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A 22-year-old Canadian man, Andean “Andy” Medjedovic, has made headlines for his alleged involvement in two major cryptocurrency hacks, stealing a total of $65 million. The exploits, targeting the Indexed Finance platform in 2021 and KyberSwap in 2023, have landed Medjedovic in hot water with U.S. prosecutors.

Unveiling the Mastermind

According to a recently unsealed indictment in the Eastern District of New York (EDNY), Medjedovic is believed to be the mastermind behind both hacking incidents. While his role in the KyberSwap hack was previously undisclosed, Medjedovic had openly admitted to orchestrating the Indexed Finance attack, which led to a $16 million loss for the DeFi platform when he was just a teenager.

Interestingly, Medjedovic did not shy away from his identity as the Indexed Finance hacker, arguing that he did not perceive his actions as illegal. This echoes a similar sentiment expressed by another DeFi hacker, Avraham “Avi” Eisenberg, who justified his $110 million exploit on Mango Markets as fair game under the principle of “code is law.” However, Eisenberg’s defense did not hold up in court, as he was found guilty of fraud and market manipulation by a New York jury, facing up to 20 years behind bars.

For Medjedovic, life as a fugitive began in December 2021 when a Canadian court issued a warrant for his arrest. In a 2023 interview with a DeFi Llama reporter, he described the experience as “exhausting,” having traveled through Europe, South America, and an undisclosed island nation while evading authorities. Despite his evasion tactics, the spokesperson for the EDNY confirmed that Medjedovic remains “at large” and is not believed to be in the U.S.

A Calculated Hack

Months after claiming to have turned over a new leaf as a whitehat hacker, Medjedovic resurfaced in the crypto world with a $50 million heist on KyberSwap. The indictment reveals that he meticulously planned the hack, leaving digital breadcrumbs such as notes to himself saying, “Find time to Strike!” and drafting a detailed “POST-EXPLOITATION” strategy.

In one revealing file, Medjedovic reflects on his past actions, contemplating the risks and rewards of his criminal endeavors. The document captures his thoughts on the likelihood of getting caught, the potential payoff, and the modern world’s tendency to undervalue the risks involved in such activities.

The charges against Medjedovic are serious, including wire fraud, unauthorized damage to a protected computer, attempted Hobbs Act extortion, and money laundering conspiracy. If convicted on all counts, he could face a maximum sentence of 90 years in prison.

Cheyenne Ligon, a member of the news team at CoinDesk, has been following the developments closely. Hailing from Houston, Texas, Cheyenne’s background in political science at Tulane University and journalism at CUNY’s Craig Newmark Graduate School provides her with a unique perspective on the intersection of crypto regulation and crime. While she has no significant crypto holdings, her dedication to uncovering the truth behind such high-profile cases is unwavering.

The saga of Andean “Andy” Medjedovic serves as a cautionary tale in the world of decentralized finance, highlighting the risks and consequences of malicious activities in the crypto space. As authorities continue their pursuit of justice, the unfolding story of this young hacker captivates audiences worldwide, underscoring the importance of cybersecurity and ethical conduct in the digital age.