Two brothers, Anton Peraire-Bueno (24) of Boston and James Peraire-Bueno (28) of New York, were arrested yesterday on charges of wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.

The indictment alleges that the duo, both with backgrounds in mathematics and computer science from a prestigious university, devised a novel scheme to exploit the Ethereum blockchain, resulting in the theft of approximately $25 million worth of cryptocurrency in a mere 12 seconds.

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“As alleged in today’s indictment, the Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds,” said Deputy Attorney General Lisa Monaco. “Unfortunately for the defendants, their alleged crimes were no match for Department of Justice prosecutors and IRS agents, who unraveled this first-of-its kind wire fraud and money laundering scheme. As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets.”

If convicted, Anton Peraire-Bueno and James Pepaire-Bueno each face a maximum penalty of 20 years in prison for each count.

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