According to reports, two brothers in their twenties have been indicted by the Justice Department for a series of alleged crimes. It is said that they manipulated the cryptocurrency market in order to steal $25 million in crypto within a span of just 12 seconds.
Anton Peraire-Bueno, a 24-year-old resident of Boston, Massachusetts, and his brother James Peraire-Bueno, aged 28 and residing in New York, were apprehended on Monday in their respective cities. They now face charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.
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According to a news release by Damian Williams, the U.S. Attorney for New York’s Southern District, he mentioned that the alleged scheme in question was unique and had never been charged before.
The Peraire-Bueno brothers will appear before U.S. Magistrate Judge Paul Levenson for the Massachusetts District and U.S. Magistrate Judge Valerie Figueredo for New York’s Southern District of New York on Wednesday afternoon.
If they are found guilty, each of the brothers could potentially be sentenced to up to 20 years in prison for every criminal charge they face.
Deputy Attorney General Lisa Monaco stated in a news release that the Peraire-Bueno brothers have been accused of orchestrating a highly advanced and meticulously planned scheme, resulting in the theft of $25 million worth of Ethereum cryptocurrency. This technologically sophisticated operation, which involved months of preparation and swift execution, showcases the brothers’ formidable skills and cunning.
The Justice Department claims that the Peraire-Bueno brothers carefully planned their scheme over several months. According to the indictment, their alleged criminal activities started in December 2022 and have continued up until this month, involving a series of financial transactions.
Monaco stated that the brothers’ alleged wire fraud and money laundering scheme, which was described as a first-of-its-kind, was uncovered with the help of Internal Revenue Service agents.
According to Williams, the alleged crimes committed by individuals raise serious concerns about the integrity of the blockchain.
The Justice Department revealed that the brothers had pursued computer science and math studies at one of the most prestigious universities in the world. Online sources suggest that one of them may have attended the Massachusetts Institute of Technology.
The Department of Justice (DOJ) has stated that they extensively studied the trading patterns of the traders they are accused of stealing cryptocurrency from. They made conscious efforts to hide their identities and cover up the stolen proceeds. These measures included creating shell companies, utilizing various private cryptocurrency addresses, and engaging with foreign cryptocurrency exchanges.
During the investigation, it was discovered that both brothers had a digital search history that aligned with the crimes they were accused of, specifically concerning lawyers and American extradition policies.
