Oh No, Canada! Takeaways from the Indictment of a Canadian National Allegedly Responsible for $65 Million DeFi Cryptocurrency Theft

On February 3, 2025, the U.S. Attorney’s Office for the Eastern District of New York (EDNY) unsealed an indictment against Andean Medjedovic, a 22-year-old Canadian national, for allegedly stealing approximately $65 million in cryptocurrency from two decentralized finance (DeFi) protocols, KyberSwap and Indexed Finance.  Medjedovic is charged with wire fraud, violation of the Computer Fraud and Abuse Act (“CFAA”) for unauthorized damage to a protected computer, attempted Hobbs Act extortion, money laundering and money laundering conspiracy.  This case highlights the growing risks and vulnerabilities in DeFi platforms, which remain attractive targets for sophisticated cybercriminals.