U.S. Courthouse, Eastern District of New York in Brooklyn, New York. Photo: Ryland West/ALMCrypto Hacker’s $65 Million Scam Ends in Indictment
“The change in administration certainly means that a different approach to enforcement in the crypto space is coming, but it doesn’t mean that it’s open season on investors," said Mark Kasten, counsel at Buchanan Ingersoll & Rooney.
February 03, 2025 at 06:50 PM
4 minute read
What You Need to Know
- The U.S. District Court for the Eastern District of New York unsealed a five-count criminal indictment Monday.
- Andean Medjedovic allegedly exploited vulnerabilities in two decentralized finance protocols to steal about $65 million of investor capital.
- An expert discussed why it was noteworthy that Medjedovic used a crypto mixer to launder the scheme's proceeds.
The U.S. District Court for the Eastern District of New York on Monday unsealed a five-count criminal indictment of a man who attempted to extort the victims of a decentralized exchange hacking through a sham settlement proposal as part of his larger scheme to steal $65 million from investors.
Andean Medjedovic, 22, is charged with one count of wire fraud, one count of unauthorized damage to a protected computer, one count of attempted Hobbs Act extortion, one count of money laundering conspiracy and one count of money laundering. If convicted, Medjedovic faces up to several decades in prison.
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