In a recent development, federal prosecutors in Brooklyn, New York, have indicted Canadian national Andean Medjedovic on charges of wire fraud, computer intrusion, and extortion attempts after he allegedly stole approximately $65 million in cryptocurrency from two decentralized finance (DeFi) protocols: KyberSwap ($47+ million) and Indexed Finance ($16+ million).
Medjedovic is also accused of money laundering the stolen assets. He is currently a fugitive, and the case is being handled by specialized units.
Following the indictment, Tran Huy Vu, Executive Director and co-founder of Kyber Network, once again asserted that Kyber was not involved in the Kyber Elastic attack and that the previous self-hacking rumors were baseless.
“The false rumors have negatively impacted the community and Kyber’s reputation, as well as the Vietnamese blockchain community. We appreciate the collaboration in the investigation and tracing efforts from organizations inside and outside the country, technology units, legal units, and law enforcement agencies.
Tran Huy Vu, Executive Director and Co-founder of Kyber Network.
Especially, the Vietnam Blockchain Association was the unit that coordinated the investigation and provided accurate information to the community,” emphasized Tran Huy Vu.
The Kyber leader added that immediately after the incident, Kyber Network worked diligently to remedy the situation. As of now, Kyber has supported 100% of its users’ legitimate losses.
Phan Duc Trung, Chairman of the Vietnam Blockchain Association, stated that this incident serves as a lesson for technology enterprises to continuously improve and ensure the safety of the decentralized finance ecosystem.
This case also exemplifies the adaptability and perseverance of Vietnamese tech start-ups in the international market.
Kyber Network, founded in 2017 by Luu Loi and Tran Huy Vu, is one of the world’s pioneering blockchain projects, with Vietnamese entrepreneurs fully mastering the technology.
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