MIT-Educated Brothers Could Spend Decades in Prison for $25 Million Ethereum Scheme
The trial of two MIT-educated brothers accused of stealing $25 million price of Ethereum kicked off in Manhattan federal court docket this week, with a prosecutor claiming that the alleged scheme questions “the very integrity of the blockchain” itself.
MIT Brothers Await Fate For Purported Ethereum Scheme
Anton Peraire-Bueno, 25, and his brother James Peraire-Bueno, 29, “manipulated and tampered with the method and protocols by which transactions are validated and added to the Ethereum blockchain” in order to gain access to victims’ digital assets.
The Peraire-Bueno brothers, nonetheless, argue that the exploit wasn’t fraud in any respect and was not unlawful in the primary place—elevating a basic query about the place the legality of the blockchain ends and felony manipulation begins.
In a May 2024 statement, former U.S. Attorney Damian Williams for the Southern District of New York mentioned the case brings “the very integrity of the blockchain into query.”
“The brothers, who studied pc science and math at some of the prestigious universities in the world, allegedly used their specialised abilities and training to tamper with and manipulate the protocols relied upon by tens of millions of Ethereum customers throughout the globe,” Williams mentioned. “And as soon as they put their plan into motion, their heist solely took 12 seconds to finish.”
Peraire-Bueno Brothers Try To Block Court From Search History
The Peraire-Bueno brothers had been charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering final yr.
Both brothers face a most sentence of 20 years for every rely. Their trial started on Tuesday in Manhattan federal court docket and will final via the primary week of November.
Earlier this yr, the brothers’ authorized group filed a movement to forestall the prosecution from utilizing their Google search historical past as a part of the case, calling it “unfairly prejudicial.”
However, prosecutors declare the alleged crypto scheme was “meticulously deliberate” and took “quite a few steps to hide their identities and lay the groundwork to hide the stolen proceeds.”
As the trial intensifies, it’s unclear if the brothers will testify in their very own protection.
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