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Justice Department Charges Brothers in 12-Second $25 Million Ethereum Heist

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6 months ago

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The Department of Justice on Wednesday announced the indictment of two brothers for allegedly stealing $25 million in cryptocurrency in about 12 seconds.

The Justice Department called it a “first-of-its-kind” fraud, detailing the seconds-long scheme in which the brothers allegedly manipulated the Ethereum blockchain to redirect pending transactions and steal $25 million.

“As we argue, Defendants’ scheme calls into question the very integrity of blockchain,” U.S. Attorney Damian Williams for the Southern District of New York said in a statement.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, were arrested Tuesday on charges of wire fraud and money laundering.

The Peraire-Bueno brothers studied mathematics and computer science “at one of the most prestigious universities in the country,” according to the Justice Department, adding that the education helped them carry out the alleged fraud.

If convicted, the brothers face a maximum of 20 years in prison on each of the three counts they are accused of.

This is breaking news. Please check back for updates.

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