Hanoi, Vietnam, Feb. 5, 2025 (GLOBE NEWSWIRE) -- On February 3, the Federal Court in Brooklyn, United States, unveiled the identity of the individual responsible for the $47 million Kyber Elastic attack. In response, the head of Kyber Elastic conveyed appreciation for the investigative partnerships formed with both domestic and international entities, with a particular nod to the Vietnam Blockchain Association. On the same day, the Federal Court issued an indictment against Andean Medjedovic, a 22-year-old Canadian national, charging him with wire fraud, computer intrusion, and attempted extortion. These charges arise from his alleged theft of roughly $65 million in cryptocurrency assets from two decentralized finance (DeFi) platforms—KyberSwap (over $47 million) and Indexed Finance (more than $16 million). In light of the indictment, Tran Huy Vu, CEO and Co-Founder of Kyber Network, expressed gratitude towards the Vietnam Blockchain Association (VBA) for its support and collaboration in addressing the attack. Tran Huy Vu, CEO and Co-Founder of Kyber Network “We are immensely thankful for the tireless investigative work undertaken by various organizations, both domestic and international, including tech firms, legal bodies, and law enforcement agencies.

The Vietnam Blockchain Association, being the sole professional social organization in Vietnam, was vital in the investigation and provided essential information to the community, ” stated Tran Huy Vu. He further mentioned that following the incident, Kyber Network responded swiftly to minimize damages and worked to fully reimburse users for any legitimate losses incurred. Phan Duc Trung, Chairman of the Vietnam Blockchain Association Phan Duc Trung, Chairman of VBA, praised the professionalism and commitment shown by the Kyber team in managing the situation, pointing out their resilience and flexibility throughout the resolution process. “This event serves as an important lesson for tech companies, highlighting the necessity for ongoing enhancements to secure the decentralized finance ecosystem. I encourage the Vietnamese blockchain community to bolster solidarity and support each other in nurturing a robust environment for blockchain technology, ” Trung emphasized. The Chairman reassured that VBA remains dedicated to aiding businesses, especially startups, through initiatives focusing on fraud investigations in the Web3 sector, such as Chaintracer, in addition to community communications. VBA will keep supporting companies in achieving transparency, security, and operational efficacy. For details on the indictment, please see: Link. For more information about the Vietnam Blockchain Association: Website: https://blockchain. vn/ Twitter X: https://x. com/VietnamVBA Disclaimer: The information contained in this press release does not constitute an investment solicitation, nor should it be considered financial or trading advice. It is strongly advised to conduct due diligence, including consulting with a professional financial advisor, prior to investing in or trading cryptocurrencies and securities. Phan Duc Trung, CEO, Vietnam Blockchain Association, info-at-blockchain. vn.