Blockchain
The brothers allegedly stole $25 million in cryptocurrency in 12 seconds
Prosecutors say it took a pair of brothers just 12 seconds to steal nearly $25 million in cryptocurrency, and they now face serious criminal charges.
The Department of Justice announced that it has charged Anton Peraire-Bueno, 24, of Boston, and James Peraire-Bueno, 28, of New York, with numerous criminal charges, including conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering.
The indictment alleges that the brothers studied mathematics and computer science at a “prestigious” university and applied their knowledge to exploit the integrity of the Ethereum blockchain. More outlets reported who studied at MIT. The Department of Justice said the pair “manipulated and tampered with the process and protocols by which transactions are validated and added to the Ethereum blockchain.”
In a court indictment, prosecutors say the alleged crime occurred in April 2023.
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The Justice Department says the brothers learned the business behaviors of the people they allegedly stole from. Prosecutors added that they took numerous steps to hide their identities in the hope of not being caught.
“The Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated and cutting-edge scheme that they planned for months and executed in seconds,” said Deputy Attorney General Lisa Monaco. “Unfortunately for the defendants, their alleged crimes were no match for Department of Justice prosecutors and IRS agents who exposed this first-of-its-kind wire fraud and money laundering scheme. As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims and restore confidence in these markets.”
Prosecutors say the Peraire-Bueno brothers face up to 20 years on each criminal charge. The case will be heard in federal court for the Southern District of New York.