Audio By Carbonatix
Two brothers who studied at one of the most prestigious universities in the US have been charged with stealing $25m (£20m) in cryptocurrency in 12 seconds.
Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, are accused of wire fraud and money laundering.
The US Department of Justice said the alleged heist is the first of its kind.
Prosecutors also say the pair, reportedly educated at the Massachusetts Institute of Technology (MIT), carried it out in April 2023.
"The Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds," said Deputy Attorney General Lisa Monaco.
She added that agents from the Internal Revenue Service (IRS) played a key role in unravelling the "first-of-its-kind wire fraud and money laundering scheme".
Prosecutors allege the two used highly specialised skills that they learned at "one of the most prestigious universities in the world" to exploit Ethereum's process for validating transactions.
The brothers studied mathematics and computer science, according to the indictments, and both attended MIT, according to news reports.
"The defendants' scheme calls the very integrity of the blockchain into question," US Attorney Damian Williams said in a statement on Wednesday, referring to the public ledger that records crypto payments.
The brothers allegedly stole from Ethereum traders by fraudulently gaining access to pending private transactions and then altering the transactions to obtain their victims' cryptocurrency.
The process, which investigators say they referred to as "the Exploit", took only a matter of seconds to execute.
When confronted by a representative for Ethereum, officials say the brothers declined to return the funds and took steps to launder and hide their stolen gains.
Prosecutors note that this is the first time that such a "novel" form of fraud has ever been subject to criminal charges.
They each face over 20 years in prison if found guilty.
Latest Stories
-
Glut! Farmers count losses as prices crash, customers happy
35 minutes -
GSA postpones auction of unserviceable vehicles
37 minutes -
Man charged with attempted murder after stabbing
41 minutes -
World Cup visa scandal: Senyo Hosi says issue goes beyond calls for Sports Minister’s resignation
42 minutes -
Yaw Ampofo Ankrah hasn’t taken or received any money to facilitate visas – Lawyer insists
1 hour -
World Cup visa scandal: Senyo Hosi urges focus on constitutional accountability
1 hour -
La Beach demolition: Senyo Hosi condemns lack of consultation
1 hour -
Russian glide bomb attack on Zaporizhzhia kills at least 15 people
1 hour -
Jinapor warns underperforming energy sector CEOs of consequences, says no protection for failure
1 hour -
Fire destroys head of tipper truck on Lower Volta Bridge
2 hours -
Palmer signs new Chelsea contract until 2034
2 hours -
World Cup visa scandal: Mahama will act on corruption allegations – Abass Nurudeen
2 hours -
Abass Nurudeen accuses Minority of ‘scandal scavenging’ over World Cup visa controversy
2 hours -
US Embassy recognised NSA, GFA and GTA as separate entities for visa applications – Sports Minister’s aide
2 hours -
Only 30% of Ghanaian teachers satisfied with their jobs – CAPCOE data reveals
2 hours