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KyberSwap Elastic

avoid.net/kyberswap-elastic→10/100·100% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·2DCefv…cipA

Summary

KyberSwap Elastic is the concentrated liquidity automated market maker (AMM) component of Kyber Network, a decentralized exchange protocol deployed across more than a dozen EVM-compatible blockchains. On November 22–23, 2023, it suffered the largest DeFi exploit of that year — approximately $48–56 million drained via a precision rounding bug in its tick-crossing swap logic — after which the alleged attacker issued an on-chain ultimatum demanding full executive control of the company. Canadian national Andean Medjedovic was indicted by U.S. prosecutors in February 2025 on charges including wire fraud, computer hacking, and extortion; he remains a fugitive as of mid-2026.

Connected Entities

13 entities · 60 linked investigations
Organizations
□Polygon54□Ethereum64□Fantom (Sonic Labs)42□Arbitrum52□Polygon zkEVM26□Tectonic / Cronos — August 2026 TONIC Price Manipulation Exploit□Scroll58□Andean Medjedovic2□Optimism60
Exchanges
△Indexed Finance12
Protocols
⌂KyberSwap Elastic⌂Uniswap58⌂KyberSwap55
Relationships
  • KyberSwap Elastic→mentioned with→Ethereum(70%)
  • KyberSwap Elastic→mentioned with→Polygon(70%)
  • KyberSwap Elastic→mentioned with→Optimism(70%)
  • Indexed Finance→mentioned with→Uniswap(65%)
  • Indexed Finance→mentioned with→Ethereum(70%)
  • KyberSwap Elastic→mentioned with→Arbitrum(70%)
  • KyberSwap Elastic→mentioned with→Scroll(60%)
  • KyberSwap Elastic→mentioned with→KyberSwap(80%)
  • KyberSwap Elastic→mentioned with→Uniswap(60%)
  • Indexed Finance→mentioned with→KyberSwap(70%)
  • + 39 more
Also appears in
Polygon·54KyberSwap·55Polygon zkEVM·26Arbitrum·52Ethereum·64Indexed Finance·12Lendf.me·30Levyathan·18Jump Trading·42OpenZeppelin AI Exploit Threat Vector·15+ 50 more

Connected Through

13 shared actors · 629 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about KyberSwap Elastic?

Timeline(14 events)

December 2021

KyberSwap Elastic concentrated liquidity protocol launches.

September 2022

KyberSwap suffers a separate frontend exploit; no user funds reported lost from smart contracts.

May 2023

Hardened KyberSwap Elastic contracts re-deployed following a vulnerability disclosure and ChainSecurity audit; no funds lost during upgrade.

22 November 2023

Exploit begins; attacker drains approximately $48–56 million from KyberSwap Elastic pools across Arbitrum, Optimism, Ethereum, Polygon, Base, and Avalanche using a flash loan and precision rounding bug.

23 November 2023

KyberNetwork confirms the security incident. Liquidity additions suspended across all Elastic pools. Attacker posts on-chain message: 'Negotiations will start in a few hours when I am fully rested.'

24 November 2023

KyberSwap offers the attacker a 10% bounty (~$4.6M) in exchange for return of 90% of stolen funds.

29 November 2023

Attacker posts on-chain warning against legal threats, escalating the standoff.

30 November 2023

Attacker publishes extended on-chain ultimatum demanding full executive and DAO control of Kyber Network, setting a December 10 deadline.

2 December 2023

KyberSwap announces Treasury Grant Program to compensate victims, declining to meet the attacker's demands.

10 December 2023

Attacker's deadline passes; no resolution. Funds are not returned.

20 December 2023

KyberSwap Treasury Grant Program opens; offers 60% (3-month vesting) or 100% (12-month vesting) compensation in USD stablecoins to approximately 2,367 affected liquidity providers.

24 December 2023

Kyber Network CEO Victor Tran announces 50% workforce reduction. Liquidity protocol and KyberAI paused.

2024

Andean Medjedovic, a Canadian national, is held in Belgrade, Serbia for approximately 105 days following an Interpol Red Notice, but is released after a Serbian court declines to extradite him.

3 February 2025

U.S. DOJ unseals indictment against Canadian national Andean Medjedovic, 22, charging him with wire fraud, computer hacking, attempted extortion, and money laundering for alleged $65M in hacks of KyberSwap and Indexed Finance. Medjedovic remains a fugitive.

Provenance & Audit Trail
Anchored on SolanaVerify on-chain21 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 21 of 22 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:36 AM

last updated: 8/30/2026, 1:16:29 AM

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