The US Department of Justice (DOJ) has arrested two brothers accused of organizing an attack on the Ethereum blockchain, leading to a loss of $25 Million worth of cryptocurrencies. 

The two brothers namely Anton Peraire-Bueno from Boston and James Peraire-Bueno from New York are facing charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. 

The DOJ indictment claims that the defendants fraudulently exploited the integrity of the Ethereum blockchain to obtain a significant sum within a short 12-second window. The Peraire-Bueno brothers were arrested in Boston and New York and are scheduled to appear before magistrates in their respective districts. 

The case reveals that the defendants planned the exploit for several months, utilizing their expertise in computer science, mathematics, and cryptocurrency trading to manipulate the protocols of the Ethereum blockchain. 

Through manipulation of pending transactions, Anton Peraire-Bueno gained unauthorized access and altered the movement of Ethereum’s price, resulting in the theft of $25 million from unsuspecting victims. 

Peraire-Bueno Brothers Facing Maximum Prison Sentence

US Attorney Damian Williams for the Southern District of New York highlighted the case’s significance, stating that the defendants’ actions cast doubt on the integrity of the blockchain. 

As per the indictment, the defendants’ alleged exploitation of protocols relied upon by “millions of Ethereum users worldwide.”

Despite the novelty of the scheme, which is the first of its kind to manipulate the Ethereum blockchain, prosecutors from the Southern District of New York have pledged to pursue those who attack financial systems. 

If found guilty, the two brothers could each face a maximum prison sentence of 20 years for each count. 

Meanwhile, Ethereum is trading at $3,016.90, showing a 3.95% increase in the last 24 hours.