US brothers arrested for stealing $25m in crypto in just 12 seconds
Two siblings, Anton Peraire-Bueno, aged 24, and James Peraire-Bueno, aged 28, who graduated from one of the most esteemed universities in the United States, face charges of pilfering $25 million (£20 million) worth of cryptocurrency in just 12 seconds.
They stand accused of wire fraud and money laundering.
According to the US Department of Justice, this purported theft marks a precedent. It is claimed that the brothers, who reportedly received their education at the Massachusetts Institute of Technology (MIT), orchestrated the heist in April 2023.
Deputy Attorney General Lisa Monaco stated, “The Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds.”
Furthermore, prosecutors assert that the duo utilized advanced expertise acquired at “one of the most prestigious universities in the world” to exploit Ethereum’s transaction validation process.
Both brothers studied mathematics and computer science, as per the indictments, and are said to have attended MIT, as reported by various news outlets.
US Attorney Damian Williams remarked, “The defendants’ scheme calls the very integrity of the blockchain into question,” alluding to the public ledger that records crypto transactions.
Allegedly, the brothers defrauded Ethereum traders by illicitly gaining access to pending private transactions and manipulating them to acquire their victims’ cryptocurrency.
The process, which investigators say they referred to as “the Exploit”, took only a matter of seconds to execute.
When confronted by a representative for Ethereum, officials say the brothers declined to return the funds and took steps to launder and hide their stolen gains.
Prosecutors note that this is the first time that such a “novel” form of fraud has ever been subject to criminal charges.
They each face over 20 years in prison if found guilty.
