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U.S. Prosecutors Charge Canadian Man With $65M Hacks of Indexed Finance, KyberSwap

U.S. prosecutors have charged a 22-year-old Canadian man with stealing a combined $65 million in crypto through two separate decentralized finance (DeFi) hacks — the 2021 Indexed Finance exploit and the 2023 KyberSwap hack . In a newly-unsealed indictment filed in the Eastern District of New York (EDNY), prosecutors say Andean “Andy” Medjedovic was the mastermind behind both exploits. Though Medjedovic’s alleged role in the KyberSwap exploit was previously unknown, he has publicly admitted to being the Indexed Finance attacker, wiping $16 million from the DeFi platform when he was still a teenager. Read more: After Stealing $16M, This Teen Hacker Seems Intent on Testing ‘Code is Law’ in the Courts Medjedovic did little to hide his identity as the Indexed Finance hacker because he professed to believe he wasn’t actually doing anything illegal. Another DeFi hacker, Avraham “Avi” Eisenberg, took a similar “code is law” position after his 2022 Mango Markets exploit, claiming that siphoning $110 million from the decentralized exchange was fair game. A New York jury disagreed , finding Eisenberg guilty of fraud and market manipulation . He will be sentenced later this year, and faces up to 20 years in prison. Medjedovic has been on the run since December 2021, when a Canadian court issued a warrant for his arrest. In 2023, he told a DeFi Llama reporter that it was “exhausting” living as a fugitive, saying that he had been bouncing around through Europe, South America and an unnamed island nation while on the lam. A spokesperson for the Eastern District of New York (EDNY) told CoinDesk that Medjedovic remains “at large” and is not believed to be in the U.S. Eight months after telling the same reporter that he was now a whitehat hacker, prosecutors say Medjedovic stole about $50 million from KyberSwap . According to the indictment, Medjedovic planned the KyberSwap hack for months before acting, writing to himself “Find time to Strike!” and creating a “POST-EXPLOITATION” plan for himself. In one file, Medjedovic allegedly mused on his past mistakes, writing “Going On the run / Yes / Chance of getting caught Medjedovic has been charged with one count of wire fraud, one count of unauthorized damage to a protected computer, one count of attempted Hobbs Act extortion, one count of money laundering conspiracy and one count of money laundering. He faces a maximum penalty of 90 years in prison. The Coin Rise

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Ethereum Price Recovery Stalls at Resistance: Can Bulls Break Through?

Ethereum price started a recovery wave above the $2,500 zone. ETH is up nearly 10% and now faces a major resistance near $2,920. Ethereum started a decent upward move above the $2,500 support zone. The price is trading below $2,900 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,920 level. Ethereum Price Attempts Recovery Ethereum price started a major decline below the $2,800 level, underperforming Bitcoin . ETH declined below the $2,650 and $2,500 levels to enter a bearish zone. There was a clear move below the $2,200 level. The price declined over 25% and tested the $2,120 zone. A low was formed at $2,127 and the price recently started a fresh upward move. There was an increase above the $2,500 level. The price surpassed the 50% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low. However, the bears are now active near the $2,900 zone. There is also a key bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,900 level. The first major resistance is near the $2,920 level and the trend line or the 61.8% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone or even $3,320 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,900 resistance, it could start another decline. Initial support on the downside is near the $2,765 level. The first major support sits near the $2,650. A clear move below the $2,650 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,765 Major Resistance Level – $2,920 The Coin Rise