A 22-year-old Canadian mathematician is now the subject of an international manhunt after U.S. authorities unsealed an indictment accusing him of orchestrating a $65-million cryptocurrency fraud scheme and later boasting about it online.
The U.S. Attorney’s Office for the Eastern District of New York alleges that Andean Medjedovic, a University of Waterloo graduate with a master’s degree in mathematics, exploited vulnerabilities in two decentralized finance (DeFi) protocols—KyberSwap and Indexed Finance—between 2021 and 2023 to siphon tens of millions of dollars from investors.
According to the 35-page indictment, Medjedovic manipulated digital asset trading algorithms, artificially inflating token values and extracting investor funds from liquidity pools, a mechanism that functions similarly to mutual funds in traditional finance. The indictment also alleges that he later attempted to extort developers at KyberSwap, offering to return only 50% of the stolen cryptocurrency in exchange for control of the platform.
Court records suggest that Medjedovic may have gone into hiding as early as 2021, just after obtaining his graduate degree at age 19. The indictment references multiple online communications where he discussed his involvement in the alleged fraud, including a message sent to another individual shortly after the Indexed Finance heist in October 2021:
“I did something very cool but accidentally doxxed myself in the process. I may be on the run forever now… Need some advice about becoming a pirate.”
Further evidence in the indictment suggests that Medjedovic openly admitted to his activities in private messages and even in conversations with a journalist.
“I mean, luckily my first time is small, no one cares about some kid dude,” he allegedly said, before adding, “give me some time lol a few more years is all I need.”
Medjedovic is now facing five charges in the United States, including:
- Wire fraud
- Computer hacking
- Attempted extortion
- Money laundering
If convicted, he could face decades in prison.
A separate 2021 lawsuit filed against him by Cicada 137 LLC, an investment group that lost funds in the Indexed Finance exploit, claims that he used his “formidable mathematical prowess” to execute a sophisticated attack.
Court records also show that he defied legal efforts to freeze his crypto wallets, allegedly moving millions of dollars after learning about a court-ordered asset seizure. Justice Fred Myers of the Ontario Superior Court of Justice previously remarked that Medjedovic’s actions had left him “under the cloud of a dispute and in the capacity as a wanted person.”
Authorities believe Medjedovic attempted to launder his stolen assets but ran into difficulties when trying to transfer $42 million of illicitly obtained cryptocurrency onto Ethereum’s decentralized blockchain.
Court documents also reveal that he later reached out to a blockchain bridging service, offering a $50,000 bribe to unfreeze $100,000 of his funds. In a bizarre twist, he threatened to report himself to authorities when the service refused.
“I’m willing to alert the authorities. Committing a crime against someone who may or may not be a criminal is still a crime.”
Medjedovic was eventually introduced to an undercover law enforcement officer, whom he believed could help him launder the proceeds of the KyberSwap hack. He allegedly paid the agent $86,000 for assistance in moving the funds.
As the search for Medjedovic intensifies, law enforcement agencies in both Canada and the United States are urging the public to report any information on his whereabouts.
The FBI, U.S. Department of Justice, and Canadian law enforcement continue to work closely in their efforts to locate and apprehend the fugitive.