Brothers Charged in $25M Ethereum Crypto Theft to Stand Trial in October 2025

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Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

August 19, 2024 06:50 EDT

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A federal judge has scheduled the trial of two brothers accused of exploiting blockchain technology to conduct a crypto theft worth $25 million for October 14, 2025.

According to an announcement made during a hearing in the United States District Court for the Southern District of New York, the trial will focus on charges of wire fraud and money laundering against Anton and James Peraire-Bueno.

“First of Its Kind” Theft Exploiting Crypto Network

Anton and James Peraire-Bueno allegedly used a scheme involving maximal extractable value (MEV) bots to carry out the crypto theft within 12 seconds.

The brothers with expertise in mathematics and computer science are accused of exploiting Ethereum, manipulating blockchain protocols to intercept and alter transactions to steal approximately $25 million in crypto.

The crypto theft scheme, described as a first of its kind, was planned over several months. The brothers analyzed their victims’ trading behaviors and devised a way to access and reroute pending transactions on the Ethereum blockchain.

To avoid detection, they set up shell companies, used multiple private crypto addresses, and conducted transactions through foreign exchanges known for limited identification procedures.

IRS Cyber Investigations Unit Investigates the Case

Despite these efforts, the IRS Criminal Investigation (IRS-CI) New York’s Cyber Unit traced the stolen cryptocurrency back to the brothers. Investigators also uncovered online searches made by the brothers about executing the exploit, hiding their involvement, and avoiding extradition.

“In this case, IRS-CI New York’s Cyber Unit simply followed the money,” said Special Agent in Charge Thomas Fattorusso.

“Regardless of the complexity of the case, we continue to lead the effort in financial criminal investigations with cutting-edge technology and good-ole-fashioned investigative work, on and off the blockchain,” stated Fattorusso.

The brothers now face charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. If convicted, they could each face up to 20 years in prison for each charge.