{"id":56124,"date":"2024-05-16T13:28:34","date_gmt":"2024-05-16T13:28:34","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/35889\/US-Brothers-Arrested-For-Stealing-25m-In-Crypto-In-Just-12-Seconds.html"},"modified":"2024-05-16T13:28:34","modified_gmt":"2024-05-16T13:28:34","slug":"us-brothers-arrested-for-stealing-25m-in-crypto-in-just-12-seconds","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/us-brothers-arrested-for-stealing-25m-in-crypto-in-just-12-seconds\/","title":{"rendered":"US Brothers Arrested For Stealing $25m In Crypto In Just 12 Seconds"},"content":{"rendered":"
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By Max Matza,<\/span>BBC News<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"GettyGetty Images<\/span><\/div>\n<\/div>\n<\/figure>\n
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Two brothers who studied at one of the most prestigious universities in the US have been charged with stealing $25m (\u00a320m) in cryptocurrency in 12 seconds. <\/b><\/p>\n<\/div>\n

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Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, are accused of wire fraud and money laundering. <\/p>\n<\/div>\n

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The US Department of Justice said the alleged heist is the first of its kind.<\/p>\n<\/div>\n

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Prosecutors also say the pair, reportedly educated at the Massachusetts Institute of Technology (MIT), carried it out in April 2023.<\/p>\n<\/div>\n

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“The Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds,” said Deputy Attorney General Lisa Monaco.<\/p>\n<\/div>\n

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She added that agents from the Internal Revenue Service (IRS) played a key role in unravelling the “first-of-its kind wire fraud and money laundering scheme”.<\/p>\n<\/div>\n

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Prosecutors allege the two used highly specialised skills that they learned at “one of the most prestigious universities in the world” to exploit Ethereum’s process for validating transactions.<\/p>\n<\/div>\n

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The brothers studied mathematics and computer science, according to the indictments, and both attended MIT, according to news reports. <\/p>\n<\/div>\n

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“The defendants’ scheme calls the very integrity of the blockchain into question,” US Attorney Damian Williams said in a statement on Wednesday, referring to the public ledger that records crypto payments. <\/p>\n<\/div>\n

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The brothers allegedly stole from Ethereum traders by fraudulently gaining access to pending private transactions and then altering the transactions to obtain their victims’ cryptocurrency. <\/p>\n<\/div>\n

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The process, which investigators say they referred to as “the Exploit”, took only a matter of seconds to execute.<\/p>\n<\/div>\n

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When confronted by a representative for Ethereum, officials say the brothers declined to return the funds and took steps to launder and hide their stolen gains.<\/p>\n<\/div>\n

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Prosecutors note that this is the first time that such a “novel” form of fraud has ever been subject to criminal charges. <\/p>\n<\/div>\n

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They each face over 20 years in prison if found guilty. <\/p>\n<\/div>\n

READ MORE HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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