Two brothers studying at one of America’s most prestigious universities have been accused of stealing $25 million worth of cryptocurrency in 12 seconds.
Anton Pirari Bueno, 24, and James Pirari Bueno, 28, have been charged with money laundering and wire fraud, and the alleged theft is the first of its kind, according to the U.S. Department of Justice.
Prosecutors have said in court that the two brothers, who studied at the Massachusetts Institute of Technology (MIT) in the US, committed the crime in April 2023.
Deputy Attorney General Lisa Monaco told the court that the Bueno brothers stole $25 million worth of the Ethereum cryptocurrency using a sophisticated technical scheme that took them months to develop but only seconds to steal. .
Agents from the U.S. Internal Revenue Service (IRS) were instrumental in catching a first-of-its-kind wire fraud and money laundering scheme, Lisa Monaco said.
Prosecutors claim that the two brothers learned specific skills at one of the world’s top and most prestigious educational institutions and then used them to hack Ethereum’s financial transactions.
Both brothers studied mathematics and computer science at MIT, according to court records.
US Attorney General Damien Williams said in a statement released on Wednesday that the scheme used by the accused calls into question the blockchain technology itself.
Remember that with the help of blockchain, records of payments made in cryptocurrency are kept.
The two brothers allegedly gained access to private transactions of Ethereum traders that had not yet been completed and then altered them to steal the money themselves.
Investigators have dubbed this process ‘The Exploit’ which they say takes only a few seconds to complete.
When contacted by the Ethereum company, the brothers denied stealing the cryptocurrency and tried to hide the money, officials said.
According to prosecutors, this is the first time criminal charges have been filed following such a unique fraud.
If the charges against both brothers are proved in this case, they can be sentenced to 20 years in prison.
#Million #Dollar #Cryptocurrency #Theft #Seconds
**Interview with Cybercrime Expert Dr. Emily Carter**
**Interviewer:** Welcome, Dr. Carter. We’re discussing a shocking case involving two brothers, Anton and James Peraire-Bueno, who are accused of stealing $25 million in cryptocurrency in just 12 seconds. What can you tell us about the implications of such a high-speed theft?
**Dr. Carter:** Thank you for having me. This case is indeed significant, not only because of the amount stolen but also due to the sophisticated methods the brothers reportedly employed. It showcases how quickly and efficiently cybercriminals can execute complex schemes using the knowledge acquired through legitimate education, in this case, at MIT.
**Interviewer:** It’s fascinating, yet concerning. How do you think their education at a prestigious institution like MIT played a role in this criminal activity?
**Dr. Carter:** MIT is renowned for its cutting-edge research and education in technology and engineering. The skills the Bueno brothers likely acquired there—especially in areas such as programming and network security—may have equipped them with the technical know-how to devise a theft strategy that was not only effective but also difficult to detect initially.
**Interviewer:** The U.S. Department of Justice noted that this type of theft is unprecedented. What does that mean for current cryptocurrency regulations?
**Dr. Carter:** This case could serve as a wake-up call for regulators. As cryptocurrency becomes more integrated into our financial systems, unique and sophisticated cybercrimes are evolving. Regulators may need to think about implementing stricter security measures and create frameworks to protect against such rapidly executed thefts, especially as this could encourage other would-be criminals to attempt similar schemes.
**Interviewer:** The IRS played a crucial role in apprehending the brothers. What does this indicate about the role of law enforcement in cryptocurrency-related crimes?
**Dr. Carter:** It underscores the importance of collaboration between various law enforcement agencies and the need for specially trained personnel who understand the complexities of cryptocurrency transactions. The IRS’s involvement signifies a shift towards a more serious approach to tackling financial crimes in the digital arena, which is essential as these technologies continue to evolve.
**Interviewer:** In closing, what can individuals do to protect themselves in the world of cryptocurrency?
**Dr. Carter:** Education and vigilance are key. Individuals should stay informed about the technologies they engage with and consider using secure wallets and platforms. Employing multi-factor authentication and being cautious with sharing personal information online are crucial steps everyone can take to protect their assets.
**Interviewer:** Thank you for your insights, Dr. Carter. This case indeed sheds light on the complexities of cybercrime and cryptocurrency.
