US Brothers Arrested for Allegedly Stealing $25 Million in Crypto in 12 Seconds

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Written By Vikas Jangid

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US Brothers Arrested for Allegedly Stealing $25M

Two brothers, Anton Peraire-Bueno (24) and James Peraire-Bueno (28), are facing federal charges for allegedly orchestrating a $25 million cryptocurrency heist in a mere 12 seconds.

This audacious act, according to the US Department of Justice, represents the first-ever criminal case involving such a method of stealing crypto.

Sophisticated Scheme Targets Ethereum Blockchain

Prosecutors claim the Peraire-Bueno brothers, graduates of the prestigious Massachusetts Institute of Technology (MIT) according to indictments, meticulously planned and executed the heist in April 2023.

Source: Twitter/TheJusticeDept

Deputy Attorney General Lisa Monaco highlighted the instrumental role of Internal Revenue Service (IRS) agents in uncovering this complex wire fraud and money laundering operation.

US Brothers Arrested: Leveraging Expertise to Exploit the System

Authorities allege the brothers leveraged their advanced knowledge, likely obtained during their studies in mathematics and computer science at MIT, to exploit a vulnerability within Ethereum's transaction validation system.

US Attorney Damian Williams, in a statement on Wednesday, expressed concerns about the potential ramifications of this scheme.

He emphasized how the brothers' actions raise questions regarding the fundamental integrity of the blockchain technology that underpins cryptocurrency transactions.

Targeting Pending Transactions for Illicit Gain

The indictment details how the brothers allegedly targeted unsuspecting Ethereum traders.

Through illicit means, they gained access to pending private transactions and then manipulated them to divert the cryptocurrency to their own accounts.

Investigators have dubbed this technique "the Exploit" due to its swift execution, reportedly taking mere seconds to complete.

US Brothers Arrested: Refusal to Cooperate and Money Laundering Efforts

Upon discovering the exploit, Ethereum representatives reportedly confronted the brothers. However, authorities claim they refused to return the stolen funds and instead actively laundered and concealed their ill-gotten gains.

This incident, prosecutors emphasize, marks the first time federal charges have been brought against perpetrators utilizing this specific form of cryptocurrency fraud.

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