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A legal case involving the hack of crypto platform Indexed Finance will be first to challenge the “code is law” defence


cryptodaily.co.uk 19 May 2022 12:20, UTC
Reading time: ~2 m

DeFi platform Indexed Finance was victim to a complex computer hack in October 2021.  The hack saw the platform lose millions in crypto, and set in motion a civil case and made a fugitive out of the alleged hacker. 

The teenage suspect is 19 year old Andean Medjedovic, who undertook the theft of around $16 million in cryptocurrency when he was just 18 years old. 

The Waterloo teen, who was discovered under the name “amedjedo” was offered a 10% bounty for the tokens safe return, however he has refused to play along.  Noting via Twitter “You were out-traded. There is nothing you can do about that. … Such is crypto.”

In recent revelations, the “code is law” theory, will be used as a defence by the plaintiff, an argument in which a programmed code is law will be tested in the case against Medjedovic, and will have lasting impact on how law applies to the digital world.

“Some people in online communities suggest ‘Code is Law’ is a complete answer to anyone seeking legal remedies against those perpetrating cyberattacks or code exploits. Others see it as a meaningless cloak for bad actors looking to carrying out theft and fraud against digital assets.We believe the latter holds true, and if our case goes to trial, it would be the first reported case to test the defence of ‘Code is Law.’” said a partner at McMillan LLP Benjamin Bathgate.

Among the orders being applied in the case, is the Anton Piller order, otherwise known as  a search order, which is the first of its kind in a cryptocurrency case.

In emails to Bloomberg journalist Christopher Beam, the 18 year old noted: 

“I’m not concerned about ‘getting a job.’ Waging in the cage is not my idea of a good life.” adding, “If I ever get an idea for a necessary and useful technology I will, of course, build it. So far I haven’t had any divine inspiration on that front.”

However, in tweets connected to Medjedovic, the Waterloo crypto fugitive revealed he is looking for lawyers, revealing perhaps his intention to have his day in court. 

“I am looking for the most elite crypto lawyers,” says a tweet identified online as coming from his account. “I will need an entire team. If indexed wants to insinuate that I did something wrong and resort to name-calling, LOL.”

“I can assure Andean Medjedovic that litigation is not like a fine wine that improves with age,” Judge Frederick Myers noted with regards to Medjedovic hiding out. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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