HomeEthereumUS siblings apprehended for pilfering $25 million in cryptocurrency in under a...

US siblings apprehended for pilfering $25 million in cryptocurrency in under a minute

-


Brothers charged with stealing $25m in cryptocurrency in record time

Two brothers, Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, who studied at the prestigious Massachusetts Institute of Technology (MIT) in the US, have been charged with stealing $25 million in cryptocurrency in just 12 seconds. The alleged heist, described as the first of its kind by the US Department of Justice, involved wire fraud and money laundering.

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.” Prosecutors claim that the brothers used their specialized skills in mathematics and computer science to exploit Ethereum’s transaction validation process.

The scheme, known as “the Exploit,” involved fraudulently gaining access to pending private transactions and altering them to obtain victims’ cryptocurrency. When confronted by Ethereum representatives, the brothers reportedly refused to return the funds and attempted to launder and hide their stolen gains.

US Attorney Damian Williams expressed concern over the integrity of the blockchain, the public ledger that records crypto payments, stating that the scheme calls it into question. If found guilty, the brothers could face over 20 years in prison for their actions.

This case marks the first time such a novel form of fraud has led to criminal charges, highlighting the evolving challenges in the world of cryptocurrency.

LATEST POSTS

Ethereum Excitement Grows with Introduction of New ETF Proposals

ETF Investing Tools: Ethereum Fever Rises with New Fund Applications and Proposed ETFs Ethereum Fever Rises as Companies Submit Applications for New ETFs Ethereum fever has...

Biden’s Veto Upholds Bank Crypto Custody Blocker Despite SAB 121 Cancellation – Ledger Insights

President Biden's Veto of SAB 121 Resolution: Negative Impact on Banks but Limited Political Consequences President Biden's recent veto of the SAB 121 resolution has...

Binance Co-Founder Denies Responsibility for $1M Trading Loss

Binance Responds to $1 Million Cryptocurrency Loss Due to Security Breach Binance Responds to Chinese User Losing $1 Million in Cryptocurrency Due to Security Breach In...

Blockchain Use Cases Gaining Traction as User Experience Improves

The Evolution of Cryptocurrency Usability: Simplifying Complexity for Wider Adoption "Traditional Payment Firms Embrace User-Friendly Crypto Innovations" In the fast-paced world of cryptocurrency and blockchain technology,...

Most Popular