Two brothers who studied at MIT allegedly stole $25 million in crypto in around 12 seconds
The Hindu
Two brothers who studied mathematics and computer science at MIT allegedly exploited the Ethereum blockchain.
Two brothers who studied mathematics and computer science at MIT were arrested this week and face fraud charges after they allegedly exploited the Ethereum blockchain to steal $25 million worth of cryptocurrency in a scheme that took months to plan but was executed in around 12 seconds, said the U.S. Department of Justice on Wednesday.
Anton Peraire-Bueno, 24, of Boston, and James Peraire-Bueno, 28, of New York, were charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering, per a U.S. DOJ release.
Ethereum is a blockchain that allows people to carry out activities such as trading crypto, building decentralised apps, minting NFTs, and executing smart contracts.
Ethereum’s native currency, Ether (ETH) is the second largest cryptocurrency by market cap, coming in only behind Bitcoin (BTC). However, there are also many crypto tokens that are not ETH but use Ethereum’s blockchain infrastructure in order to function.
(For top technology news of the day, subscribe to our tech newsletter Today’s Cache)
U.S. officials remarked on the novelty of the brothers’ alleged exploit. Per court filings, the Peraire-Bueno brothers used identity concealing layers to target certain crypto traders and manipulate the way pending transactions were processed, in order to steal the assets.
“As we allege, the defendants’ scheme calls the very integrity of the blockchain into question. The brothers, who studied computer science and math at one of the most prestigious universities in the world, allegedly used their specialized skills and education to tamper with and manipulate the protocols relied upon by millions of Ethereum users across the globe. And once they put their plan into action, their heist only took 12 seconds to complete,” said U.S. Attorney Damian Williams for the Southern District of New York.
Bombay High Court grants bail to Chetan Patil in Shivaji statue collapse case; sculptor Jaydeep Apte's plea pending.
Deadly rinderpest outbreak devastates Mudumalai Wildlife Sanctuary, highlighting the threat of diseases from domestic cattle to wild populations.
Suryanarkoil Mutt's history, traditions, and leadership succession explained in detail with references and comparisons to other Saivaite Mutts.
Upalokayukta takes action against officials for neglecting century-old Kelageri Tank in Dharwad, setting 20-day deadline for rejuvenation.
On World Fisheries Day, India launches projects for marine and inland aquaculture, aiming to transform the fisheries sector and blue economy.
Lokayukta police raid uncovers ₹26.6 crore in assets from government officials in Karnataka, leading to investigations and cases filed.
Court boycott by advocates in Tamil Nadu demands Advocates Protection Bill for safety, affecting litigants from remote villages.
Army faces allegations of harassment and torture in Kishtwar, Jammu; probe ordered, sparking concerns over human rights violations.
Karnataka’s software and services exports crossed ₹4.11 lakh crore during fiscal 2023-24 (March 2024) from ₹3.2 lakh crore a year ago, marking a 27% year-on-year growth, Minister for IT&BT, Priyank Kharge, said here on Thursday quoting Software Technology Parks of India (STPI) data.
Continuous rainfall in Thoothukudi has caused severe hardship for residents as rainwater has inundated several areas. Efforts to drain stagnant water in the city have been intensified
Indictment details Adani bribery scheme to secure solar power contracts, involving Adani Green Energy and Azure Power executives.