Two brothers who studied computer science and mathematics at one of the most prestigious universities in the world used their knowledge and sophisticated minds to devise an elaborate plan that allowed them to steal a huge fortune in a matter of seconds.
The Department of Justice on Wednesday charged Anton and James Berer Bueno, 24 and 28 years old respectively, with stealing $25 million in cryptocurrencies “in 12 seconds,” using unprecedented and sophisticated technology against Ethereum, which runs digital money, global payments and applications.
The brothers now face charges of “conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering,” a statement from the Department of Justice said.
The accused were arrested on Tuesday. The youngest was in New York and the other was arrested in Boston.
How did the Peraire Bueno brothers steal $25 million in cryptocurrencies?
According to the statement, the brothers modified the process by which users' private transactions are validated and added them to the Ethereum blockchain, a new technology that has never appeared in a criminal charge, the document notes.
“Unfortunately for the defendants, their alleged crimes were uncovered by Department of Justice prosecutors and Internal Revenue Service (IRS) agents, who uncovered this fraud and money laundering scheme, the first of its kind,” Monaco said.
After obtaining the money fraudulently, they refused “requests to return it” and took steps to hide their identities and hide the thefts through front companies and multiple foreign exchange platforms, the indictment says.
U.S. Attorney for the Southern District of New York, Damian Williams, noted that the defendants' activity “casts doubt on the integrity of blockchain.”
However, Monaco said: “As cryptocurrency markets continue to evolve, the Department of Justice will continue to root out fraud, support victims, and restore trust in these markets.”
Family members of Pierre Bouins, who studied at the Massachusetts Institute of Technology (MIT), according to media reports, face sentences of up to 20 years in prison for each of the three crimes they are accused of committing.
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