Two brothers from the United States who attended the prestigious Massachusetts Institute of Technology (MIT) have been arrested for their alleged involvement in a high-speed crypto heist worth millions of dollars. According to a press release by the U.S. Department of Justice (DOJ), Anton Peraire-Bueno, 24, from Boston, and James Pepaire-Bueno, 28, from New York, are facing charges related to the theft of $25 million from the Ethereum blockchain in just 12 seconds.
The DOJ claims that the brothers utilized their expertise in mathematics and computer science to create a unique exploit that manipulated Ethereum’s transaction validation process. This allowed them to steal cryptocurrency assets that were in private transactions awaiting confirmation. The brothers allegedly used this exploit for several months while also covering their tracks and concealing the stolen digital assets.
Special Agent in Charge Thomas Fattorusso of the IRS Criminal Investigation (IRS-CI) New York Field Office stated in the press release, “These brothers allegedly committed a groundbreaking manipulation of the Ethereum blockchain by illicitly gaining access to pending transactions, altering the movement of digital currency, and ultimately stealing $25 million in cryptocurrency from their victims. In this case, IRS-CI New York’s Cyber Unit diligently followed the money. Regardless of the complexity of the case, we continue to lead the effort in financial criminal investigations with state-of-the-art technology and traditional investigative work, on and off the blockchain.”
The brothers have been charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. If convicted, they could face a maximum prison sentence of 20 years.
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