Fun

Judge sets Oct 2025 trial for brothers allegedly behind $25M exploit

News Feed - 2024-08-20 04:08:19

Turner Wright4 hours agoJudge sets Oct 2025 trial for brothers allegedly behind $25M exploitShortly after their arrest in May, Anton and James Peraire-Bueno were released on $250,000 bonds until the conclusion of their criminal case.2370 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onA federal judge has set the start date for the criminal trial of two brothers allegedly responsible for stealing $25 million in crypto by exploiting maximal extractable value (MEV) bots.


In an Aug. 19 hearing in the United States District Court for the Southern District of New York, Judge Judge Jessica Clarke ordered that Anton Peraire-Bueno and James Pepaire-Bueno would stand trial on Oct. 14, 2025, for conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering. Justice Department officials alleged the brothers fraudulently obtained $25 million worth of crypto “within approximately 12 seconds” using a scheme that “calls the very integrity of the blockchain into question.”


The alleged exploit of the Ethereum blockchain involved manipulating MEV bots using a series of test transactions that allowed them to steal crypto from a proposed block. US authorities arrested the Peraire-Bueno brothers in May, and they are now each free on a $250,000 bond in addition to certain travel limitations.


Related:How the Peraire-Bueno brothers allegedly drained $25M from their MEV bots exploit


According to US authorities, the brothers rejected requests to return the stolen funds and hid the assets using shell companies and foreign crypto exchanges, transferring them to several wallets. If convicted, they could face up to 20 years in prison for each count.


In the last 12 months, several high-profile figures in the crypto industry have gone to prison following criminal trials or plea deals with prosecutors. Former FTX CEO Sam Bankman-Fried is serving a 25-year sentence for misusing customer funds and related charges, and former Binance CEO Changpeng Zhao is serving a four-month sentence following a guilty plea on one felony count.


Magazine:Decade after Ethereum ICO: Blockchain forensics end double-spending debate# Law# Ethereum# Court# Crimes# Hacks# RegulationAdd reaction

News Feed
ECB in Full-On Emergency Mode as ‘Unprecedented Decline’ Hits Eurozone
ECB in Full-On Emergency Mode as "Unprecedented Decline" Hits EurozoneThe euro area is facing an “unprecedented” economic decline, the worst since records began. Europea
2020-05-03 00:45 AM
Elon Musk Accuses Twitter of Fraud in Countersuit Over $44B Deal — Twitter Subpoenas Binance and Other Firms
Elon Musk Accuses Twitter of Fraud in Countersuit Over $44B Deal — Twitter Subpoenas Binance and Other Firms Tesla CEO Elon Musk has accused Twitter of fraud in his countersuit a
2022-08-07 08:30 AM
Itau Unibanco Selected by Central Bank of Brazil to Build Real-Pegged Stablecoin Solution
Itau Unibanco Selected by Central Bank of Brazil to Build Real-Pegged Stablecoin Solution Itau Unibanco, one of the biggest bank conglomerates in Brazil, has been selected by the c
2022-08-30 03:00 AM
Tom Mitchelhill5 hours agoCoinbase lobbying efforts face setback from Hamas’ crypto use: Berenberg analystsReports of Hamas using crypto to fund recent attacks in Israel could make Coinbase’s lobbying efforts more di
2023-10-18 12:45 PM
Singapore Based Crypto Exchange Bybit Expands to Argentina
Singapore Based Crypto Exchange Bybit Expands to Argentina Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina. The exc
2022-06-25 08:30 AM
BONK, POPCAT and Solana memecoins stay green even as Bitcoin price drops
Nancy Lubale2 hours agoBONK, POPCAT and Solana memecoins stay green even as Bitcoin price dropsMemecoins in the Solana ecosystem defy the recent bearish downtrend in the crypto market by managing to generate double-digit
2024-04-26 07:00 AM
Former Finance Secretary Doubts Indian Government Understands Crypto
Former Finance Secretary Doubts Indian Government Understands Crypto The Indian government has not introduced the cryptocurrency bill that was listed to be taken up in the winter s
2021-12-24 23:30 PM
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says ‘a Formal Regulatory Process Is Needed Now’
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says "a Formal Regulatory Process Is Needed Now" A U.S. senator has called on the Securities and Exchange Commission (SEC)
2022-10-16 08:30 AM
Citadel CEO Ken Griffin Says Inflation May Have Peaked — Warns a Recession Is Coming
Citadel CEO Ken Griffin Says Inflation May Have Peaked — Warns a Recession Is Coming Citadel CEO Ken Griffin says inflation may have peaked but a recession is coming.“We&#
2022-09-30 08:30 AM
US military partner Constellation opens Hypergraph network to app developers
Alex O’Donnell2 hours agoUS military partner Constellation opens Hypergraph network to app developersThe “Layer 0” network was created in collaboration with the United States Department of Defense and is now open f
2024-07-16 06:14 AM
UK Cryptocurrency Firms Turn to Equity Funding as ICO Coffers Plunge 70%
UK Cryptocurrency Firms Turn to Equity Funding as ICO Coffers Plunge 70%UK cryptocurrency and blockchain startups are turning focus back to conventional means of raising capital, as
2020-05-02 10:28 AM
Time for altseason? Analysts say altcoin market is near ‘momentum bottom’
Nancy Lubale3 hours agoTime for altseason? Analysts say altcoin market is near ‘momentum bottom’Altcoin prices have been in a rut, but a key alteason indicator hints that the “strongest wave” is yet to come.985 T
2024-07-16 05:45 AM