Two brothers in their twenties, both graduates of MIT, have astounded experts with their alleged expertise in cryptocurrency theft. Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, stand accused of stealing Ethereum worth $25 million in as little as 12 seconds.
Charged with electronic fraud and money laundering, the duo was apprehended by authorities in the United States.
The US Department of Justice noted that the heist, which took place in April 2023, was "the first of its kind" in terms of its sophistication.
Deputy Prosecutor Lisa Monaco remarked, "The Peraire-Bueno brothers executed a plan they had meticulously crafted for months, utilizing highly advanced and sophisticated technology to steal $25 million worth of Ethereum in a matter of seconds."
The accused brothers, both MIT alumni, are said to have utilized their "specialized skills" acquired during their education at the prestigious Massachusetts Institute of Technology to bypass the verification process of Ethereum's transaction transfers.
Local media reported that the brothers pursued studies in mathematics and computer engineering at MIT.
Prosecutor Damian Williams stated, "The defendants' scheme raised questions about the integrity of the blockchain system." Bitcoin and Ethereum, among other digital currencies, operate on blockchain technology, which is decentralized and lacks a central authority. Ethereum is considered the second most popular cryptocurrency after Bitcoin.
According to BBC, the arrested siblings allegedly gained access to pending private transfer transactions through deceptive means, seizing cryptocurrencies belonging to Ethereum investors.
Investigators have dubbed the crime "the Exploit," signifying both its exploitative nature and remarkable success.