Ethereum
Two brothers indicted for $25 million Ethereum blockchain theft
Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York, were charged with conspiracy to commit wire fraud and money laundering.
According to DOJthe brothers allegedly orchestrated a scheme exploiting the integrity of the Ethereum blockchain to fraudulently obtain around $25 million worth of cryptocurrency in just 12 seconds.
Key points:
- Authorities accuse the Peraire-Bueno brothers of manipulating and altering the Ethereum blockchain.
- The alleged scheme allowed the brothers to access and modify pending private transactions to steal victims’ cryptocurrency.
- The brothers meticulously planned the exploit for several months, studying the behavior of victim traders and creating front companies.
- If convicted, each brother could face a maximum sentence of 20 years in prison on each count.
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Brothers allegedly used their educational skills to tamper with the Ethereum blockchain
U.S. Attorney Damian Williams of the Southern District of New York noted the novelty of the alleged scheme. He noted that he “calls into question the very integrity of the blockchain.”
The brothers allegedly used their specialized skills and education to “alter and manipulate the protocols relied on by millions of Ethereum users around the world. »
The Peraire-Bueno brothers carefully planned the feat over several months. The duo studied their victims’ business behaviors and created shell companies and multiple private cryptocurrency addresses to conceal their identities and the stolen products, according to the indictment.
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They also used foreign cryptocurrency exchanges with limited “know your customer” procedures to launder the proceeds of their criminal activity.
The successful execution of the exploit in just 12 seconds highlights the vulnerability of even the most secure and transparent financial systems to sophisticated attacks.
Vignesh Karunanidhi
Vignesh Karunanidhi
Writer of the Milk Route
Vignesh is a seasoned professional in the crypto field since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content including news articles, long-form articles, and articles blog, all focused on sharing. the beauty of blockchain and crypto.