Summary of "He was a math prodigy. Now authorities say he’s behind $65M in crypto thefts | the fifth estate"
The Fifth Estate Investigation: Andian Majedovich and the $65 Million Crypto Theft
The Fifth Estate investigates the case of Andian Majedovich, a Canadian math prodigy from Hamilton, Ontario, now accused of orchestrating one of the most sophisticated cryptocurrency thefts in history. The theft involved at least $65 million stolen through complex hacks on platforms like Kyber Swap and Index Finance.
Majedovich, described by experts as a “genius” in coding and mathematics, exploited vulnerabilities in decentralized finance (DeFi) protocols to manipulate prices and drain funds from unsuspecting investors worldwide. Many victims were ordinary people who lost their life savings.
Background and Criminal Activities
The investigation traces Majedovich’s trajectory from a gifted young student who accelerated through high school and university mathematics programs to a fugitive on the run since 2019.
- Despite offers from platforms like Index Finance to return stolen funds in exchange for a bounty, he chose to keep the money and evade legal consequences.
- His actions have been described as market manipulation, a criminal offense under securities law.
- His refusal to cooperate with courts led to warrants for his arrest.
International Manhunt and Arrests
Authorities from multiple countries—including the US, Canada, the Netherlands, Serbia, and Bosnia—have been involved in the international manhunt.
- Majedovich has used multiple fake identities and traveled extensively, with confirmed stays in Brazil, Spain, the Middle East, and the Balkans.
- He was arrested in Serbia in 2024 but released due to insufficient extradition grounds.
- Investigators continue to track his movements, recently locating an apartment he registered in Bosnia and maintaining surveillance.
Challenges in Crypto Crime Enforcement
The report highlights the challenges law enforcement faces in regulating and prosecuting crimes in the rapidly evolving crypto space:
- Blockchain’s transparency aids tracking but jurisdictional and legal complexities hinder swift action.
- Despite his large crypto holdings, Majedovich reportedly struggles to convert his stolen assets into usable cash without detection.
- A legal defense fund was set up under the pseudonym “punished mathematician,” possibly linked to him.
Personal Portrait and Victims’ Perspectives
Interviews with former coaches, family members, and experts reveal a complicated portrait of a brilliant but socially isolated individual whose early promise devolved into criminality.
- His family expresses disappointment and concern over the damage to their name.
- Victims like Tim Noig, who lost tens of thousands of dollars, express mixed feelings of anger and sympathy, noting the personal toll of being a fugitive.
Recent Communications and Legal Outlook
Majedovich’s recent communications to the media have been provocative and dismissive, including racist remarks and a refusal to acknowledge wrongdoing. He emphasizes a belief that “code is law.”
Legal experts warn that continued evasion will likely result in a lengthy prison sentence unless he cooperates to return funds and make restitution.
Presenters and Contributors
- Yana Rumlotis – The Fifth Estate reporter
- Kyle Armstrong – Former FBI agent, TRM Labs
- Ary Redboard – Former US DOJ prosecutor, TRM Labs
- Alexandra Pusatski – Financial and cybercrime reporter, Globe and Mail
- Luca Obervak – Reach for the Top coach, Westmount Secondary School
- Ben Bathgate – Toronto lawyer specializing in crypto fraud
- Nino Billayich – Journalist, Balkan Investigative Reporting Network
- Maya Givanovich – Editor, Balkan Investigative Reporting Network
- Tim Noig – Crypto investor and victim
Category
News and Commentary
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