Two brothers who studied at one of the most prestigious universities in the US have been charged with stealing $25m (£20m) in cryptocurrency in just 12 seconds. Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, are facing charges of wire fraud and money laundering in connection with the alleged heist, which the US Department of Justice described as the first of its kind.
The brothers, who reportedly studied at the Massachusetts Institute of Technology (MIT), are accused of carrying out the sophisticated scheme 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.”
According to prosecutors, the duo utilized their specialized skills in mathematics and computer science, learned at MIT, to exploit Ethereum’s transaction validation process. US Attorney Damian Williams raised concerns about the attack on the blockchain’s integrity, given the public ledger’s role in recording crypto payments.
The brothers allegedly accessed pending private transactions and manipulated them to acquire victims’ cryptocurrency in a process referred to as “the Exploit.” Despite declining to return the funds when confronted by Ethereum representatives, the brothers face over 20 years in prison each if found guilty of the charges.
This case marks the first criminal charges related to this novel form of fraud, showcasing the potential risks of cybercrime in the cryptocurrency space.
