Two brothers allegedly stole $25 million by manipulating Ethereum
Key Takeaways
- On May 15, the DOJ indicted brothers Anton and James Peraire-Bueno on charges of using the Ethereum blockchain to steal $25 million in cryptocurrency.
- They are charged with wire fraud, conspiracy to commit wire fraud and money laundering, each of which carries a penalty of up to 20 years in prison.
- The brothers are believed to have manipulated Ethereum’s transaction verification process.
On May 15, the U.S. Department of Justice (DOJ) Charges were announced against the two brothers. Anton and James Peraire-Bueno conducted the orchestra. The plan was to steal $25 million in cryptocurrency using the Ethereum blockchain.
The DOJ charged them with the following: Conspiracy to commit wire fraud, conspiracy to commit wire fraud, and conspiracy to launder money.
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The brothers assume Manipulated and tampered with the transaction verification process of the Ethereum blockchain.
them obtained Gained unauthorized access to pending private transactions, altering them and stealing cryptocurrency from victims. If cryptocurrency is stolen they Request for return of funds was denied. And various measures were taken. Concealing illegal profits.
Damian Williams, U.S. Attorney for the Southern District of New York, emphasized: Authorities are doing their best to hold such criminals accountable.:
This alleged scheme is new and has never been prosecuted before. But as the indictment makes clear, no matter how sophisticated the fraud or how new the technology used to accomplish it, this office’s expert prosecutors will relentlessly pursue those who attack the integrity of any financial system.
If found guilty, Anton and James Peraire-Bueno, respectively. Each count carries a maximum penalty of 20 years in prison.
As the industry continues to grow, ensuring the integrity and security of blockchain protocols remains critical to preventing similar incidents in the future.
In other related news, a key contributor to the Cypher Protocol recently confessed to stealing and gambling more than $300,000 from Cypher’s buyback agreements.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst with an interest in data-driven and fact-based content, as well as content targeting both Web3 native users and industry newcomers.
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