A Canadian was accused of stealing $ 65 million using Defi encryption exploits

The US Department of Justice accused a Canadian man of stealing approximately $ 65 million after the exploitation of decentralized financing protocols (Defi).

Defi platforms are Blockchain systems that facilitate financial services from peers to counterpart, which eliminates the need for traditional central financial brokers such as banks or brokerage companies.

These platforms provide various financial services related to digital assets, allowing their users to lend, invest, gain assets and trade through smart contracts and decentralized applications (DAPS).

It was also revealed in Court documentsIt is claimed that the 22 -year -old Andes Midsovic used the weaknesses of the automated smart contracts that you use Kyberswap and Index financing Decentralized exchange complexes and operators of digital symbolic liquidity gatherings on the ethereum network.

In total, approximately $ 48.4 million of digital codes of 77 different flexible liquidity groups of KybersWAP and about $ 16.5 million of two indexed financing gathering (also known as index complexes).

In November 2023, after the exploitation of Kyberswap, he claimed that he tried to blackmail the victims by proposing a fake settlement, demanding the control of the Kyberswap protocol and its decentralized organization in exchange for the return of half of the stolen assets.

Medjedovic borrowed hundreds of millions of dollars in digital symbols, which he used to engage in a deceptive trade that would have been causing it to be caused He said In a press release on Monday.

“Through his deceptive deals, medjedovic enables to withdraw millions of dollars from investor money from protocols at artificial prices, which made victim’s investments mainly value.”

Medjedovic is also accused of washing revenue from its fraudulent operations through transactions that hidden the source of the money using open encryption accounts using the wrong identity, cryptocurrency mixer, swap and bridges.

He was accused of one of the wire fraud, one of the unauthorized damages of a mass computer, one of the Hobbes extortion attempt, one charge of conspiracy to commit money laundering, and one of the money laundering.

If convicted, medjedovic may face a 10 -year maximum penalty due to unauthorized damage to a mass computer and up to 20 years for each other charges.