On February 3, an indictment was announced in the Federal Court in Brooklyn (USA), charging Andean Medjedovic (22 years old, Canadian nationality), with wire fraud, computer attacks, and attempted extortion after stealing about 65 million USD in crypto assets from two decentralized finance (DeFi) protocols, KyberSwap Elastic (more than 47 million USD) and Indexed Finance (more than 16 million USD).

kyberswap
KyberSwap Elastic platform. Illustration image

Medjedovic is also accused of laundering the stolen assets. He remains at large. The case is being handled by the financial crime and cyber security units, with support from law enforcement agencies in the Netherlands and other international organizations.

"The identification of the attacker as Canadian Andean Medjedovic has once again confirmed that Kyber is not involved in the Kyber Elastic attack and the previous baseless self-hacking rumors. These false rumors have negatively affected the Kyber community and reputation, as well as the Vietnamese blockchain community. We thank the extremely hard-working investigation and tracing coordination of domestic and foreign organizations, from technology units, legal units, and law enforcement agencies," said Mr. Tran Huy Vu, CEO and co-founder of Kyber Network.

The head of Kyber also said that immediately after the incident, Kyber Network made efforts to fix the problem. To date, Kyber has supported 100% of user losses.

KyberSwap Elastic is one of Vietnam's decentralized financial platforms based on Blockchain technology, which has received great attention from the international community.

This platform was developed by Kyber Network, the most successful startup in Vietnam in 2017 when it raised 52 million USD in the form of ICO.

Over the years, Kyber Network has been known as the leading blockchain startup in Vietnam. The two founders of this startup, Luu The Loi and Tran Huy Vu, were also included in the Forbes 30 Under 30 Asia list in 2018.

The KyberSwap Elastic attack took place on November 23, 2023, hackers stole crypto assets (Ethereum, Arbitrum, Optimism, Polygon and Base) worth more than 47 million USD and all were sent to a single wallet address.