Two brothers from the United States who studied at the renowned Massachusetts Institute of Technology (MIT) have been apprehended for their alleged involvement in a high-speed cryptocurrency theft worth millions of dollars. In a recent press release issued by the U.S. Department of Justice (DOJ), it was revealed that Anton Peraire-Bueno, 24, from Boston, and James Pepaire-Bueno, 28, from New York, have been charged with three offenses related to the purported embezzlement of $25 million from the Ethereum (ETH) blockchain in a mere 12 seconds.

According to the DOJ, the brothers utilized their expertise in mathematics and computer science to develop a groundbreaking exploit that manipulated Ethereum’s transaction validation process. This allowed them to pilfer digital assets that were pending in private transactions. The brothers allegedly employed this exploit for several months and took measures to conceal their identities while obscuring the stolen digital assets.

Special Agent in Charge Thomas Fattorusso of the IRS Criminal Investigation (IRS-CI) New York Field Office stated in the press release, “These brothers allegedly engaged in a never-before-seen manipulation of the Ethereum blockchain, fraudulently gaining access to pending transactions, altering the movement of electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims. In this case, IRS-CI New York’s Cyber Unit simply followed the money. Regardless of the complexity of the case, we continue to lead the effort in financial criminal investigations with state-of-the-art technology and traditional investigative work, both on and off the blockchain.”

The brothers now face charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. If convicted, they could be sentenced to a maximum of twenty years in prison.

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