Two brothers have been arrested for wire fraud and money laundering after allegedly stealing $25,000,000 in Ethereum crypto through an exploit that took just 12 seconds.
On May 15, 2024, brothers Anton and James Peraire-Bueno were arrested and accused of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering in an alleged “first of its kind” crypto heist.
According to the US Department of Justice, the brothers, who both attended the Massachusetts Institute of Technology, carried out the alleged heist in April 2023.
Deputy Attorney General Lisa Monaco claimed the brothers stole $25M in Ethereum cryptocurrency through a “technologically sophisticated, cutting edge scheme they plotted for months and executed in seconds.”
She added: “The brothers, who studied computer science and math at one of the most prestigious universities in the world, allegedly used their specialized skills and education to tamper with and manipulate the protocols relied upon by millions of Ethereum users across the globe. And once they put their plan into action, their heist only took 12 seconds to complete.”
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When approached by a representative of the blockchain, the DOJ said the brothers declined to return the funds and attempted to hide everything.
If found guilty, Anton and James will face 20 years in prison for each count. Given the fact they’re both facing three different charges, the maximum penalty for each brother is 60 years.
More than a handful of crypto scams have come to light over the last few years, all with varying levels of people affected.
Google filed a lawsuit against two Play Store developers back in April 2024 who allegedly scammed over 100,000 people with fake crypto apps. Just a few months before that, A Colorado pastor confessed to stealing over $1.3M in crypto from his community and claimed “the lord told him to.”
