The resurgence of the realm of cryptocurrency has been on a steady ascent after a consequential lull that has slowed its growth in the past year and a half. In a piece of recent news surrounding one particular cryptocurrency, Ethereum, the second biggest name in the crypto world after Bitcoin, two US individuals were arrested for purloining millions worth of Ethereum.
25 Million in 12 Seconds
According to reports, the two brothers stole a mammoth USD 25 million or Rs 208 crore, worth of Etheruem in just a matter of 12 seconds. Even withdrawing cash from an ATM takes longer than that. The brothers, with academic backgrounds from some of the most renowned universities in the US, including MIT, were arrested.
The two brothers, Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, have been accused of wire fraud and money laundering.
The Bueno brothers, according to officials, allegedly stole from Ethereum traders by duplicitously gaining access to pending private transactions. They then resorted to altering the transactions to obtain their victims' cryptocurrency, in this case, Ethereum.
In Prison For Up to 20 Years
According to officials, the two plotted the scheme with the utmost technological sophistication for months, before executing it in seconds. If found guilty, the brothers could face jail time of about 20 years.
This, according to officials, is a first-of-its-kind criminal activity.