Boston, Massachusetts – Two brothers, Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, who are former students of the prestigious Massachusetts Institute of Technology (MIT), have been accused of a massive cryptocurrency heist. The U.S. Department of Justice has charged them with wire fraud and money laundering, alleging that they stole $25 million in Ethereum in just 12 seconds.
According to Deputy Attorney General Lisa Monaco, the Peraire-Bueno brothers executed a technologically advanced scheme to carry out the theft with precision and speed. The alleged heist, which took place in April 2023, is said to be the first of its kind.
Prosecutors claim that the brothers utilized their specialized skills in mathematics and computer science, honed at what is described as one of the world’s most prestigious universities, to exploit Ethereum’s transaction validation process. By gaining access to pending private transactions and altering them, the brothers were able to fraudulently obtain cryptocurrency from Ethereum traders.
The scheme, known as “the Exploit”, was reportedly accomplished within mere seconds, casting doubt on the integrity of the blockchain system. U.S. Attorney Damian Williams expressed concern over the implications of the brothers’ actions on the public ledger that tracks crypto payments.
When confronted about their activities, the brothers purportedly refused to return the stolen funds, opting instead to launder and conceal their ill-gotten gains. This brazen move has led to criminal charges being brought against them, marking the first instance of such a novel form of fraud facing legal repercussions.
If found guilty, the Peraire-Bueno brothers could potentially face over 20 years in prison. The case serves as a stark reminder of the potential risks and vulnerabilities in the cryptocurrency world, highlighting the need for robust security measures to safeguard against such sophisticated cybercrimes.