Young infiltrators used “defect” to steal 48,800,000 dollars of encryption from the Kyberswap trading platform, claiming FEDS

It is now required to claim that the young Canadian infiltrator after exploiting a “defect” to whisk $ 48.8 million of encryption from the Kyberswap protocol for decentralized financing (Defi), according to a new indictment.

US Prosecutor Office for the Eastern Region in New York Allegedly This exploited the Medjedovic Andes, 22, the weaknesses of the Kyberswap icon in 2023.

Prosecutors say he used hundreds of millions of dollars in borrowed encryption to generate artificial prices in liquidity compounds with a protocol (LPS). It is claimed that Medjedovic then caused what he called “defect” at Market Market mechanism in Kyberswap (AMM) by implementing a specific set of trading, which enabled it to deplete $ 48.8 million in coding of 77 LPS on six public groups.

The Canadian citizen and then tried to blackmail the Kyberswap developers, demanding control of the protocol and the associated independent organization (DAO) compared to 50 % of the stolen encryption.

The representatives of prosecutors accuse Medjedovic, who is still as a whole, of trying to wash the looted encryption through the bridge protocols and the digital asset mixture.

He was also claimed that he used liquidity pools from various Defi protocol, indexed financing, in 2021, and looted $ 16.5 million.

The indictment, which was neglected on Monday in a federal court in Brooklyn, accuses Medjedovic of fraud, hacking the computer and trying to blackmail.

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