Bitrabo Editorial
Two brothers, Anton Peraire-Bueno and James Pepaire-Bueno, have been apprehended by the US Department of Justice (DOJ) for allegedly orchestrating an assault on the Ethereum blockchain that led to the theft of $25 million in cryptocurrency.
Rapid 12-Second Ethereum Scheme
The DOJ indictment claims that the duo exploited the Ethereum blockchain’s security to seize a substantial amount of money in just 12 seconds fraudulently. Their arrest in Boston and New York has been followed by scheduled appearances before magistrates.
Deputy Attorney General Lisa Monaco labeled the purported con as a “technologically sophisticated” and meticulously strategized plan carried out within seconds.
The indictment discloses the brothers’ months-long scheming, leveraging their expertise in computer science, mathematics, and cryptocurrency trading to manipulate Ethereum’s protocol.
Through tampering with pending transactions, the siblings gained unauthorized access, altered Ethereum’s price movement, and absconded with $25 million from unsuspecting victims.
Brothers Confront Severe Prison Sentence
US Attorney Damian Williams for the Southern District of New York underscored the case’s importance, citing doubts cast on the blockchain’s integrity by the defendants’ actions.
The indictment highlighted the accused’s exploitation of key protocols relied upon by millions of Ethereum users globally.
Despite the novelty of the scheme, the first to compromise the Ethereum blockchain in this manner, prosecutors vow to pursue financial system attackers vigorously.
Special Agent in Charge Thomas Fattorusso from the IRS Criminal Investigation (IRS-CI) New York Field Office stressed their use of advanced technology and traditional investigative methods to trace the money trail.
The siblings were accused of a groundbreaking manipulation of the Ethereum blockchain, illegally accessing pending transactions, altering electronic currency movement, and stealing $25 million in cryptocurrency.
In the event of a conviction, Anton Peraire-Bueno and James Pepaire-Bueno could each face a maximum prison term of 20 years.
At present, Ethereum is valued at $2,982, experiencing a 3% price hike over 24 hours. This increase aligns with Bitcoin’s 5.5% surge during the same duration in its endeavor to reclaim the $65,000 mark.
Featured image from Shutterstock, chart from TradingView.com