A young Canadian hacker is now wanted after pretending to have exploited a “problem” to plunder $ 48.8 million in crypto of the decentralized funding protocol (DEFI) Kyberswap, according to a new indictment.
The American Prosecutor’s Office for the Oriental District of New York alleges that MedoDovic, 22, exploited vulnerabilities in the Kyberswap code in 2023.
Prosecutors say that he has used hundreds of millions of dollars in crypto borrowed to generate artificial prices in the liquidity pools of the protocol (LP). Medjedovic would then have caused what he called a “problem” in the automated Kyberswap (AMM) market by executing a specific combination of trades, which allowed him to empty $ 48.8 million in crypto of 77 LPS on Six public blockchains.
The Canadian national would then have tried to extort the developers of Kyberswap, demanding control of the protocol and its decentralized autonomous organization (DAO) associated in exchange for 50% of the stolen crypto.
The prosecutors accuse Medjedovic, who remains in freedom, of having tried to whiten the crypto looted through bridge protocols and a mixer of digital active ingredients.
He would also have exploited liquidity pools from another DEFI protocol, indexed, in 2021, looting $ 16.5 million.
The indictment, which was not sealed on Monday before a Federal Court of Brooklyn, accuses MedoDovic of fraud by wire, computer hacking and attempted extortion.
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