Hanoi, Vietnam, February 5, 2025 (GLOBE NEWSWIRE) -- On February 3, the Federal Court in Brooklyn, New York, unveiled the identity of the individual responsible for the $47 million Kyber Elastic attack. In response, the head of Kyber Elastic expressed gratitude towards both domestic and international organizations, especially acknowledging the Vietnam Blockchain Association for their investigative collaboration. The Federal Court in Brooklyn released an indictment on February 3, 2025, charging Andean Medjedovic, a 22-year-old Canadian citizen, with wire fraud, computer intrusion, and attempted extortion. These charges arose from his theft of approximately $65 million in cryptocurrency from two decentralized finance (DeFi) protocols—KyberSwap (over $47 million) and Indexed Finance (more than $16 million). Following the indictment, Tran Huy Vu, CEO and Co-Founder of Kyber Network, expressed appreciation for the Vietnam Blockchain Association's (VBA) partnership and support in responding to the incident. Tran Huy Vu remarked, “We are immensely grateful for the diligent investigative efforts from both domestic and international organizations, which include technology companies, legal entities, and law enforcement. The Vietnam Blockchain Association, as the sole professional social organization in Vietnam, played a pivotal role in the investigation and supplied essential information to the community. ” In addition, the Kyber executive noted that immediately after the attack, Kyber Network took swift measures to minimize damage and fully reimburse users for their legitimate losses. Phan Duc Trung, Chairman of the VBA, praised the professionalism and commitment demonstrated by the Kyber team in managing the situation.

He noted their adaptability and determination throughout the resolution process. “This incident highlights the importance for technology companies to continuously enhance their security measures within the decentralized finance ecosystem. I encourage the Vietnamese blockchain community to strengthen unity and support one another to cultivate a healthy blockchain technology environment, ” Trung stated. The VBA Chairman reaffirmed the association's commitment to aiding businesses, particularly startups, through investigative initiatives targeting fraud within the Web3 sector, such as Chaintracer, along with community media channels. VBA will persist in helping enterprises uphold transparency, security, and operational efficiency. For more details on the indictment: Link. Vietnam Blockchain Association information: Website: https://blockchain. vn/ Twitter X: https://x. com/VietnamVBA Disclaimer: This press release does not constitute an investment solicitation, nor should it be interpreted as investment, financial, or trading advice. It is advisable to conduct thorough due diligence, including consulting a professional financial advisor, before making investment or trading decisions related to cryptocurrency and securities.