US Brothers Arrested for Stealing $25M in Crypto in Just 12 Seconds

Two US brothers who attended one of the most prestigious universities in the country have been arrested for allegedly stealing $25m in cryptocurrency in just 12 seconds. Anton Peraire-Bueno, 24, and James Pepaire-Bueno, 28, are facing charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The brothers are accused of exploiting the integrity of the Ethereum blockchain to fraudulently obtain the funds.

 

Two brothers arrested with $25m in stolen crypto. Police apprehend them after 12-second heist

 

According to the indictment, the brothers executed their elaborate heist in April 2023, stealing $25m from traders in just 12 seconds by fraudulently gaining access to pending transactions and altering the destination wallet addresses. The stolen cryptocurrency was then allegedly laundered through various exchanges and accounts to conceal its origin. The charges against the brothers carry a maximum sentence of 20 years in prison.

The case highlights the growing threat of cybercrime in the cryptocurrency industry and the need for increased security measures. It also raises questions about the integrity of the blockchain technology and its susceptibility to fraud. The legal proceedings and implications of the case are likely to have a significant impact on the cryptocurrency industry and could lead to tighter regulations and increased scrutiny.

 

Key Takeaways

  • Two US brothers have been arrested for stealing $25m in cryptocurrency in just 12 seconds.
  • The brothers are accused of exploiting the integrity of the Ethereum blockchain to fraudulently obtain the funds.
  • The case highlights the growing threat of cybercrime in the cryptocurrency industry and could lead to tighter regulations and increased scrutiny.

 

Details of the Crypto Heist

 

Two figures swiftly transferring digital currency from a secure vault into their own possession, with a digital clock in the background showing only 12 seconds passing

Execution of the Theft

 

The theft of $25 million worth of cryptocurrency was executed in just 12 seconds by two brothers, Anton Peraire-Bueno and James Pepaire-Bueno. According to federal prosecutors in Manhattan, the brothers exploited a vulnerability in the Ethereum blockchain to fraudulently obtain the stolen cryptocurrency.

The brothers used specialized skills to manipulate pending private transactions and tamper with the protocols of the Ethereum blockchain. They were able to boost their profits by using a technique known as “MEV-Boost” which allows miners to prioritize certain transactions and earn more money.

The theft was executed by identifying pending transactions on the Ethereum blockchain and manipulating them to their advantage. The brothers were able to execute the heist in just 12 seconds, leaving no trace of their actions.

Identifying the Suspects

 

The suspects, Anton Peraire-Bueno and James Pepaire-Bueno, were identified by federal prosecutors in Manhattan after an investigation into the theft. The brothers were charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.

The stolen cryptocurrency was traced back to the brothers’ accounts and they were arrested shortly after. The investigation revealed that the brothers had studied at one of the most prestigious universities in the US and had used their specialized skills to execute the theft.

The theft highlights the vulnerability of the public ledger system and the need for increased security measures. The Ethereum blockchain is one of the most popular blockchain platforms, and this incident raises concerns about the security of blockchain transactions.

In conclusion, the theft of $25 million worth of cryptocurrency by the two brothers highlights the need for increased security measures in the blockchain industry. The incident also highlights the importance of identifying and prosecuting those who exploit vulnerabilities in the system for personal gain.

Legal Proceedings and Implications

 

Two brothers arrested, surrounded by police and reporters, as they are accused of stealing $25m in crypto in just 12 seconds

Charges and Indictment

 

Anton and James Peraire-Bueno, the two brothers who allegedly stole $25 million in cryptocurrency in just 12 seconds, have been charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The indictment was unsealed on May 15, 2024, by the US Department of Justice. The charges in the indictment arise from an alleged cutting-edge scheme by the defendants to exploit the Ethereum blockchain’s integrity to fraudulently obtain the stolen gains.

Potential Consequences

 

If convicted, the Peraire-Bueno brothers could face a maximum penalty of 20 years in prison for each count of wire fraud and conspiracy to commit wire fraud, and 10 years for conspiracy to commit money laundering. The charges against them highlight the severity of financial criminal investigations in the United States, especially those involving electronic currency.

Impact on the Crypto Community

 

The alleged theft of $25 million in cryptocurrency has sent shockwaves throughout the crypto community. The incident has raised concerns about the security of cryptocurrency exchanges and the vulnerability of the blockchain network to technologically sophisticated attacks. The indictment is a warning to would-be criminals that the US government is prepared to prosecute those who launder ill-gotten gains through shell companies and other means.

Deputy Attorney General Lisa Monaco and US Attorney Damian Williams have both emphasized that the Department of Justice will continue to work with the Internal Revenue Service Criminal Investigation (IRS CI) and other law enforcement agencies to bring criminals to justice. The case against the Peraire-Bueno brothers is a clear example of this commitment. The case also highlights the need for continued vigilance and security measures in the cryptocurrency industry.

FTX founder Sam Bankman-Fried has stated that the incident is a reminder of the importance of security measures in the industry. He has also emphasized the need for cooperation between exchanges and law enforcement agencies to prevent similar incidents from occurring in the future. The impact of the Peraire-Bueno brothers’ alleged theft of $25 million in cryptocurrency will be felt for some time to come.

By Jastra Kranjec

Jastra is an author at CryptoPresales. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, crypto, and financial markets.

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