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

(MENAFN- GlobeNewsWire - Nasdaq) Hanoi, Vietnam, Feb. 05, 2025 (GLOBE NEWSWIRE) -- 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 .

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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.

CONTACT: Phan Duc Trung CEO Vietnam Blockchain Association info-at-blockchain.vn

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