Technical crime behind high education: MIT brother and sister suspected of $10 million cryptocurrency fraud

If found guilty, the MIT siblings could face more than 20 years in prison.

Two siblings who studied at the Massachusetts Institute of Technology (MIT) now face charges of exploiting vulnerabilities in the Ethereum blockchain. The Peraire-Bueno siblings allegedly swindled $25 million in 12 seconds in what prosecutors called an unprecedented fraud.

The brother and sister may face more than 20 years in prison

Anton Peraire-Bueno, 24, and James, 28 Peraire-Bueno, is facing federal fraud and money laundering charges in Manhattan.

Prosecutors said the charges were based on cyber thefts they orchestrated and carried out over several months from their own computers.

They were arrested on Tuesday in Boston and New York. Commenting on the development, US Deputy Attorney General Lisa Monaco said:

The Peraire-Bueno siblings stole $25 million in Ethereum cryptocurrency using a high-tech scheme they carefully planned for months and executed in a short period of time. "

Both individuals involved in the case attended the Massachusetts Institute of Technology (MIT), with Anton completing a Bachelor of Science in Computer Science and Mathematics in February, while James received a Master of Science in Aeronautics and Astronautics in 2021.

According to prosecutors, the brother and sister used advanced expertise gained at a world-renowned university to manipulate Ethereum's transaction verification process.

They reportedly stole Ethereum traders' digital currency by fraudulently obtaining pending private transactions and then altering those transaction details.

When questioned by Ethereum representatives, it was said that instead of returning the funds, the siblings laundered the funds and hid their illegal gains.

Conclusion:

The alleged $25 million cryptocurrency theft by a brother and sister from the Massachusetts Institute of Technology (MIT) highlights the importance of cryptocurrency security and the serious challenges of highly educated and high-tech technology crimes. This incident highlights the urgent need for cryptocurrency security, as well as the importance of education and technological innovation applied to the righteous path.

At the same time, it also reminds regulators to constantly update their strategies to deal with crimes that use advanced technology. Society needs to work together to ensure that technological progress is not used for illegal purposes but serves the positive development of society.

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