DOJ charges brothers with $25 million Ethereum heist that took 12 seconds

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The Department of Justice on Wednesday announced the indictment of two brothers for allegedly stealing $25 million in cryptocurrency within roughly 12 seconds.

DOJ called it a “first-of-its kind” fraud, detailing the seconds-long scheme where the brothers allegedly manipulated the Ethereum blockchain to redirect pending transactions and steal $25 million.

“As we allege, the defendants’ scheme calls the very integrity of the blockchain into question,” said U.S. Attorney Damian Williams for the Southern District of New York in a statement.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, were arrested on Tuesday for charges of wire fraud and money laundering.

The Peraire-Bueno brothers studied math and computer science “at one of the most prestigious universities in the country,” according to the DOJ, adding that education would have helped them carry out the alleged fraud.

If convicted, the brothers face a maximum of 20 years in prison for each of the three counts they are charged with.

This is breaking news. Please check back for updates.

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