The US Justice Department announced charges on Wednesday against two brothers accused of stealing $25 million in cryptocurrency in just around 12 seconds.
Anton Peraire-Bueno, 24, from Boston, and James Pepaire-Bueno, 28, from New York, face charges including conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.
According to the Justice Department, the defendants exploited vulnerabilities in the Ethereum blockchain to fraudulently obtain $25 million worth of cryptocurrency.
The brothers were apprehended on Tuesday in Boston and New York and are scheduled for court appearances later on Wednesday before US magistrate judges Paul G. Levenson in Massachusetts and Valerie Figueredo in New York.
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US Deputy Attorney General Lisa Monaco described the brothers’ actions as a “technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds,” emphasizing the Department’s commitment to combating fraud in cryptocurrency markets.
US Attorney Damian Williams in the Southern District of New York highlighted the brothers’ backgrounds in computer science and math from a prestigious university, alleging that they used their expertise to manipulate protocols relied upon by millions of Ethereum users worldwide.
Williams stated that the scheme challenges the integrity of the blockchain and emphasized its novelty in terms of legal charges.
If found guilty, the Peraire-Bueno brothers could each face a maximum of 20 years in prison for each count, according to the US agency.
