#What Happened With the Indexed Finance and KyberSwap Wallet?
The recent activity surrounding a wallet linked to the Indexed Finance and KyberSwap hacks has raised significant concern in the crypto community. After being dormant for over a year, it suddenly reactivated, liquidating more than $2 million in various crypto tokens. This critical development highlights the ongoing threat posed by crypto thefts.
The wallet's activity was closely tracked by blockchain analytics firm Lookonchain. In just a span of eight hours, it sold a substantial amount of different tokens, including 226,961 UNI which amounted to approximately $1.3 million, 33,215 LINK valued at around $410,000, 845,806 CRV totaling about $328,000, and several YFI tokens worth around $17,500. This sudden liquidation not only raises alarms about the wallet's origins but also intensifies scrutiny over similar cases in the future.
#Who Is Behind These Hacks?
It is alleged that Andean Medjedovic orchestrated the hacks on Indexed Finance in 2021 and KyberSwap in late 2023. Collectively, he is charged with stealing around $65 million from these decentralized finance platforms. Following his actions, a federal grand jury in the Eastern District of New York unsealed an indictment in February 2025. Medjedovic faces serious charges, including wire fraud, computer intrusion, extortion, and money laundering related to these incidents.
Despite efforts by both U.S. and international authorities to apprehend Medjedovic, he remains at large as of 2025. This highlights the challenges in tracking down perpetrators in the fast-evolving world of cryptocurrencies, where cross-border laws complicate enforcement.
Investors should remain vigilant as these situations underscore the inherent risks of investing in decentralized finance platforms. Understanding how and why these breaches occur can help in making more informed decisions about safeguarding digital assets.