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DailyBubble News

US DOJ Announces Arrest Of Two Brothers For Manipulating Ethereum Blockchain And Stealing $25 Million

Brothers Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, have been arrested and charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The charges stem from an alleged scheme to exploit the Ethereum blockchain, earning the duo around $25 million worth of cryptocurrency in just 12 seconds.

The brothers, who have backgrounds in computer science and mathematics from a prestigious university, allegedly manipulated the blockchain’s transaction validation protocols to access and alter pending private transactions, diverting significant amounts of cryptocurrency into their control. Their plan, which involved studying their targets’ trading behaviors and taking various precautions to conceal their identities, was executed over several months.

Despite the speed of the heist, the Department of Justice and IRS Criminal Investigation swiftly intervened to crack down on the manipulation. If convicted, Anton and James Peraire-Bueno could each face up to 20 years in prison for each charge. The authorities utilized a combination of technology and traditional investigative techniques to trace the stolen funds, ultimately apprehending the brothers.

The indictment highlights the risks associated with financial fraud and emphasizes the commitment of law enforcement to pursue individuals who compromise the integrity of financial systems. While the brothers took steps to hide their activities and seek legal advice on cryptocurrency crimes and extradition, they were unable to evade detection.

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