Ethereum
Brothers indicted for over $25M Ethereum cryptocurrency theft: DOJ
PHOENIX – Two men have been indicted for their alleged role in a scheme that resulted in the theft of cryptocurrency worth $25 million.
In a reportOfficials with the U.S. Attorney’s Office said indictments against Anton Peraire-Bueno, 24, of Boston, and James Peraire-Bueno, 28, were unsealed on May 15. The brothers were arrested on May 14.
“The charges in the indictment stem from an alleged novel scheme by defendants to exploit the very integrity of the Ethereum blockchain to fraudulently obtain approximately $25 million in cryptocurrency in approximately 12 seconds,” can – we read in the press release.
A visual representation of the digital cryptocurrency Ethereum (Photo by Jonathan Raa/NurPhoto via Getty Images)
Justice Department officials say the two men, who studied computer science and mathematics “at one of the most prestigious universities in the world,” are accused of plotting for months before carrying out the robbery.
“These brothers allegedly committed an initial manipulation of the Ethereum blockchain by fraudulently accessing ongoing transactions, altering the movement of electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims,” investigators wrote. “Following the exploit, the defendants transferred the stolen cryptocurrency through a series of transactions designed to conceal the source and ownership of the stolen funds.”
Both men are charged with conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering. If convicted, both face up to 20 years in prison on each count.