Two brothers studying at the Massachusetts Institute of Technology (MIT) are accused of exploiting a vulnerability in the Ethereum blockchain. The duo allegedly committed a $25 million fraud in 12 seconds, in what prosecutors described as a first.
If convicted, both could face more than 20 years in prison. Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, face fraud and money laundering charges in Manhattan.
The charges refer to a carefully planned cyber heist on their computers over months. They were both arrested Tuesday in Boston and New York.
According to prosecutors, the brothers used the advanced knowledge and skills they acquired at a world-renowned university to manipulate Ethereum's transaction verification process.
When confronted by an Ethereum representative, authorities allege that the brothers refused to return the funds and instead laundered the funds and concealed their ill-gotten gains. 🕵️♀️💰
