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MIT graduates indicted for $25 million Crypto fraud, How did they do it in 12 seconds?
The Department of Justice announced another digital assets market shocker, indicting two MIT graduates for allegedly organizing crypto fraud. James Peraire-Bueno and Anton Peraire-Bueno have been accused of stealing $25 million in cryptos in first of its kind fraud. The brothers managed to steal the digital assets within a 12 second window.
MIT brothers violates ETH blockchain
According to reports, MIT graduate brothers exploited a vulnerability in the Ethereum blockchain. Prosecutors claim that the brothers found a flaw that allows outsourced bots to detect valuable pending transactions before they are finalized.
James Peraire-Bueno and Anton Peraire-Bueno went ahead to exploit the blockchain by allegedly posing as Ethereum validators. They redirected these transactions and siphoned off around $25 million. Meanwhile, foreign law enforcement has managed to freeze approx $3 million of the reported stolen funds.
The report mentioned that the brothers had converted the rest of the stolen cryptos into DAI which is token pegged to the US dollar. However, the brothers allegedly made shell companies in order to use multiple private crypto addresses and foreign exchanges.
Will SEC take some action?
This comes in when the US Securities and Exchange Commission (SEC) Chair Gary Gensler has voiced his concerns about the lack of regulation in crypto markets.
Meanwhile, this case also emerges as the commission is considering deciding on the approval of an Ethereum linked exchange-traded fund (ETF). A decision is expected by the end of this month. This ETF approval is anticipated to give investors access to ETH without entering the market.
They had bonds set at $250,000 each. They must secure two
co-signers for their release by May 29 and are barred from trading cryptocurrency, securities, and commodities.
