Feds: Brothers stole $25M in crypto in 12 seconds. Defense: outsmarted bots
6 hours ago
- #cryptocurrency
- #fraud
- #blockchain
- Two MIT-trained brothers, Anton and James Peraire-Bueno, are on trial for a $25 million cryptocurrency heist.
- The brothers allegedly exploited a software vulnerability in the Ethereum blockchain to steal funds in just 12 seconds.
- Prosecutors claim the heist was meticulously planned over three months, involving bait transactions and identity concealment.
- Defense argues the brothers outsmarted predatory trading bots, and no fraud occurred as there was no direct interaction with victims.
- The brothers face charges of conspiracy, wire fraud, and money laundering, with potential 20-year sentences per count.
- The case highlights the lack of regulation in cryptocurrency trading and the legal ambiguity around blockchain exploits.