Vietnam Blockchain Association Supports Resolution of $47 Million Kyber Elastic Attack

On
February
3,
the
Federal
Court
in
Brooklyn,
United
States,
publicly
disclosed
the
identity
of
the
perpetrator
behind
the
$47
million
Kyber
Elastic
attack.
Immediately
after,
the
head
of
Kyber
Elastic
expressed
gratitude
for
the
investigative
cooperation
of
domestic
and
international
organizations,
particularly
the
Vietnam
Blockchain
Association.

On
February
3,
2025,
an
indictment
was
released
by
the
Federal
Court
in
Brooklyn
(U.S.),
charging
Andean
Medjedovic,
a
22-year-old
Canadian
national,
with
wire
fraud,
computer
intrusion,
and
attempted
extortion.
The
charges
stem
from
his
theft
of
approximately
$65
million
in
crypto
assets
from
two
decentralized
finance
(DeFi)
protocols—KyberSwap
(over
$47
million)
and
Indexed
Finance
(over
$16
million).

Following
the
indictment’s
release,
Tran
Huy
Vu,
CEO
and
Co-Founder
of
Kyber
Network,
expressed
his
appreciation
to
the
Vietnam
Blockchain
Association
(VBA)
for
its
collaboration
and
support
in
addressing
this
attack.

Tran
Huy
Vu,
CEO
and
Co-Founder
of
Kyber
Network

“We
deeply
appreciate
the
dedicated
investigative
efforts
of
organizations
both
domestically
and
internationally,
including
technology
firms,
legal
entities,
and
law
enforcement
agencies.
Notably,
the
Vietnam
Blockchain
Association,
as
the
only
professional
social
organization
in
Vietnam,
played
a
crucial
role
in
the
investigation
and
provided
accurate
information
to
the
community,”
emphasized
Tran
Huy
Vu.

The
Kyber
executive
also
stated
that
immediately
after
the
incident,
Kyber
Network
made
every
effort
to
mitigate
the
damage
and
fully
compensate
users
for
their
legitimate
losses.

Phan
Duc
Trung,
Chairman
of
the
Vietnam
Blockchain
Association

Phan
Duc
Trung,
Chairman
of
VBA,
commended
the
professionalism
and
dedication
of
the
Kyber
team
in
addressing
the
incident,
highlighting
their
adaptability
and
perseverance
throughout
the
resolution
process.

“This
incident
serves
as
a
valuable
lesson
for
technology
enterprises,
emphasizing
the
need
for
continuous
improvement
to
ensure
the
security
of
the
decentralized
finance
ecosystem.
On
this
occasion,
I
urge
the
Vietnamese
blockchain
community
to
strengthen
solidarity
and
support
one
another
in
fostering
a
healthy
blockchain
technology
environment,”
Trung
emphasized.

The
Chairman
of
the
Vietnam
Blockchain
Association
reaffirmed
VBA’s
commitment
to
supporting
businesses—particularly
startups—through
investigative
programs
targeting
fraud
in
the
Web3
space,
such
as
Chaintracer,
as
well
as
community
media
channels.
VBA
will
continue
to
assist
enterprises
in
maintaining
transparency,
security,
and
operational
efficiency.

Indictment
details: Link
.

Vietnam
Blockchain
Association
info:

Disclaimer:
The
information
provided
in
this
press
release
is
not
a
solicitation
for
investment,
nor
is
it
intended
as
investment
advice,
financial
advice,
or
trading
advice.
It
is
strongly
recommended
you
practice
due
diligence,
including
consultation
with
a
professional
financial
advisor,
before
investing
in
or
trading
cryptocurrency
and
securities.