US DOJ arrests brothers for stealing $25 million from Ethereum 😱

US DOJ arrests brothers for stealing $25 million from Ethereum 😱

Breaking News: Arrest of Brothers for Ethereum Blockchain Manipulation 🚨

According to a recent press release, brothers Anton Peraire-Bueno, 24, of Boston, and James Peraire-Bueno, 28, of New York, have been apprehended and accused of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The charges are linked to an alleged plot to exploit the Ethereum blockchain, resulting in the duo gaining around $25 million worth of cryptocurrency within a mere 12 seconds.

Manipulation In The ETH Blockchain

The siblings were captured in their respective cities and are set to appear before U.S. Magistrate Judges in Massachusetts and New York today. The charges stem from a premeditated attack on the Ethereum blockchain’s fundamental system.

As per U.S. Attorney Damian Williams for the Southern District of New York, the brothers, leveraging their advanced education in computer science and mathematics from a prestigious university, utilized a technique to manipulate the blockchain’s transaction validation protocols. This manipulation enabled them to access and modify pending private transactions, thereby redirecting substantial amounts of cryptocurrency into their possession.

The Accused Might Face 20 Years In Prison

Despite the rapid execution of the heist, the Department of Justice, in conjunction with the IRS Criminal Investigation (IRS-CI) New York Field Office, swiftly intervened to stop the manipulation. Deputy Attorney General Lisa Monaco commended the efforts of the prosecutors and agents involved. Special Agent in Charge Thomas Fattorusso of IRS-CI emphasized the utilization of advanced technology alongside traditional investigative methods to trace the embezzled funds.

An IRS special agent remarked, “In this case, IRS-CI New York’s Cyber Unit simply tracked the money. Despite the intricacy of the case, we continue to lead the charge in financial criminal investigations with cutting-edge technology and traditional investigative work, both on and off the blockchain.”

The brothers reportedly took substantial measures to mask their actions, scouring the internet for ways to carry out their scheme, conceal their participation, and launder their illicit gains. This involved researching cryptocurrency exchanges with lax “know your customer” procedures and seeking legal counsel on cryptocurrency-related crimes and extradition. Despite their sophisticated tactics, they were ultimately unable to evade law enforcement.

If convicted, Anton and James Peraire-Bueno could each potentially face up to 20 years in prison for each offense.

Hot Take 🌶️

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Dear crypto enthusiast, stay vigilant and informed about the risks associated with blockchain manipulation. While the allure of quick gains may be tempting, engaging in fraudulent activities can have severe legal consequences. Remember, integrity and transparency are crucial in the world of cryptocurrencies. Stay safe and trade responsibly!

US DOJ arrests brothers for stealing $25 million from Ethereum 😱
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