Breaking News: Brothers accused of stealing $25M in 12 seconds during “first of its kind” crypto heist

Two siblings have been apprehended for committing wire fraud and money laundering charges, as they are accused of unlawfully obtaining $25,000,000 in Ethereum cryptocurrency using a 12-second exploit.

Brothers Anton and James Peraire-Bueno were arrested on May 15, 2024 and charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering in what was described as a “first of its kind”crypto heist.

The US Department of Justice reported that in April 2023, two brothers, both graduates of the Massachusetts Institute of Technology, were arrested for attacking the Ethereum blockchain and stealing $25 million in cryptocurrency.

According to Deputy Attorney General Lisa Monaco, the brothers utilized a “technologically advanced and innovative scheme”that they had been planning for months and carried out in a matter of seconds, resulting in the theft of $25M worth of Ethereum cryptocurrency.

brothers arrested after alleged wire fraud — US Department of Justice

According to her, the siblings, who had received an education in computer science and mathematics from a highly esteemed university, purportedly utilized their expertise and knowledge to interfere with and control the procedures trusted by countless Ethereum users worldwide. Their scheme was successfully executed in a mere 12 seconds.

Upon being approached by a representative of the blockchain, the DOJ stated that the brothers refused to return the funds and made efforts to conceal their actions.

If they are proven guilty, Anton and James could each receive a 20-year prison sentence for every charge they are facing. As they are both facing three separate charges, the maximum potential punishment for each sibling is 60 years.

Over the past few years, numerous crypto scams have been exposed, each with varying degrees of impact on individuals.

In April 2024, Google initiated legal action against two developers on the Play Store for allegedly defrauding over 100,000 individuals with bogus cryptocurrency applications. A few months prior, a Colorado pastor admitted to embezzling more than $1.3 million in cryptocurrency from his congregation, citing divine guidance as his justification.