New York has a federal court The seal has been removed Andean Mejdovic was indicted on five counts of theft by using KyberSwap, Indexed Finance or both.
As of February 3, Medjedovic remains on the loose.
Medjedovic, according to the US Department of Justice’s statement, faces charges of fraud by wire, damage to protected computers, attempted Hobbs Act extortion, money-laundering conspiracy and money laundering.
If you are found guilty of damaging a computer that is protected, the maximum sentence for this crime could be 10 years. The other charges can carry a 20 year prison term.
Documents from the court state that Medjedovic is accused of exploiting automated smart contracts within the KyberSwap protocol and Indexed Finance between 2021-2023. Medjedovic was accused of borrowing tokens in the amount of hundreds of millions to manipulate smart contracts calculations.
This strategy allegedly allowed him to withdraw funds at artificial prices, rendering investors’ holdings worthless.
Authorities claimed that Medjedovic washed the proceeds using swaps, bridge transactions and cryptocurrency mixers. He is also accused of conspiring with others to open accounts at crypto exchanges using false and borrowed identities to obscure the funds’ origins.
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Medjedovic is accused of extorting victims in November 2023 after performing the KyberSwap operation and draining approximately $49,000,000.
The following is a list of the most popular ways to get in touch with someone. Settlement proposal in which he would gain control of the KyberSwap protocol and it’s governing decentralized autonomous organization (DAO) in exchange for returning half of the stolen assets.
KyberSwap is set to launch in December 2023. Committed to Reimbursement affected users, offering grants from its treasury equal to the dollar value the user lost when the protocol’s liquidity pools were drained. KyberSwap announced on February 3, 2025 that it had refunded 1,371 customers.
This incident affected also the decentralized exchange aggregater, which Cut your workforce by half Later in the month.
Medjedovic is also the alleged perpetrator of Indexed Finance’s exploit taking place in 2021. Two of the protocol’s decentralized indexes were exploited While rebalancing the system, losses of up to $16 million were recorded.
After the breaches, the total value of the protocol (TVL), which was locked on both protocols has not yet been recovered.
Posted In: US, Crime, Crypto, Featured, Hacks, Legal Author 
Gino Matos
Gino Matos, a graduate of law and an experienced journalist with over six years experience in the cryptocurrency industry. He specializes in the Brazilian blockchain and decentralized finance.
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Assad Jafri
AJ has been a journalist for more than a decade, and he’s built his expertise in many countries. Specialized in financial journalism and now focused on crypto-reporting.
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