Disappearance of Andean Medjedovic
A young Canadian man, Andean Medjedovic, has made headlines for vanishing from custody in Serbia amid serious allegations of defrauding two decentralized finance (DeFi) platforms out of $65 million. This disappearance follows a protracted international investigation marked by significant legal challenges and an ongoing extradition request.
Background and Charges
Court documents that became public this week indicate that Medjedovic, age 22 and originally from Hamilton, boasts an impressive educational background, having achieved a master’s in pure mathematics by 18.
The charges against him, which span multiple jurisdictions, stem from accusations that he designed a scheme to siphon large sums from investors involved with Indexed Finance and KyberSwap. Investigators allege that the onset of his criminal activity can be traced back to October 2021, when he reportedly orchestrated manipulative trades within Indexed Finance’s pools, leading to a loss of over $16.5 million.
By November 2023, Medjedovic allegedly reached significant heights of deceit in a brazen attack on KyberSwap, claiming a stunning $48.8 million by exploiting vulnerabilities in the protocol’s liquidity management, described by U.S. authorities as a calculated glitching of the Automated Market Maker (AMM) system.
Arrest and Claims of Innocence
After four years of evading law enforcement, Medjedovic was apprehended in Belgrade on August 9, 2024. While he was under the alias “Lorenzo” and attempting to secure accommodation, Serbian authorities acted on a European arrest warrant issued by Dutch law enforcement, following his use of a false identity.
Despite these serious allegations, Medjedovic has declared his innocence in court, stating a preference to remain in Serbia and expressing personal aspirations, while also claiming that he had been in Dubai prior to his arrest.
Controversial Actions and Current Status
In a notable twist, following the theft, Medjedovic reportedly dismissed a standard 10% bug bounty from KyberSwap and instead demanded control over their platform. He controversially mentioned a willingness to return half of the stolen funds to victims. Following his arrest, it was revealed that he had been moving between various countries, including Brazil and Dubai, while managing to keep his whereabouts largely concealed from law enforcement.
As of now, Medjedovic has inexplicably disappeared from Serbian custody, leaving authorities perplexed while the stolen cryptocurrency remains tracked within dormant wallets. The complexities of modern blockchain monitoring suggest that the days of seamless evasion may soon come to an end, despite his previous ability to remain under the radar.
Potential Legal Consequences
Should he face conviction without cooperating to resolve the theft, federal guidelines could lead him to serve a significant prison sentence exceeding a decade. Experts in blockchain intelligence remind us that while he may have temporarily eluded capture, the resources devoted to tracking the stolen funds are formidable, and the pressure to confront the legal consequences may eventually mount on Medjedovic.
