Two brothers who studied at the Massachusetts Institute of Technology (MIT) in the United States have been apprehended for their alleged involvement in a high-speed crypto theft worth millions of dollars. The US Department of Justice (DOJ) recently released a statement stating 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 theft of $25 million from the Ethereum (ETH) blockchain in just 12 seconds.

According to the DOJ, the brothers utilized their expertise in mathematics and computer science to develop a unique exploit that manipulated the way Ethereum verified transactions, enabling them to pilfer cryptocurrency assets that were awaiting completion in private transactions. The brothers are accused of employing this exploit for several months while simultaneously concealing their identities and obfuscating the stolen digital assets.

Special Agent in Charge Thomas Fattorusso of the IRS Criminal Investigation (IRS-CI) New York Field Office commented on the case, stating, “These brothers allegedly engaged in unprecedented manipulation of the Ethereum blockchain by illicitly accessing pending transactions, altering the movement of digital currency, and ultimately stealing $25 million in cryptocurrency from their victims. In this instance, IRS-CI New York’s Cyber Unit was able to trace the flow of funds. Regardless of the complexity of the case, we continue to spearhead the investigation of financial crimes utilizing cutting-edge technology and traditional investigative methods, both on and off the blockchain.”

The brothers have been indicted on charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering, and if convicted, they could face a maximum sentence of 20 years in prison.

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