The US Department of Justice has arrested two brothers for stealing $25 million in cryptocurrency. Is this a decisive turning point in the fight against cybercrime?
Once admired for their in-depth knowledge of computer science and mathematics, Anton and James Pepaire-Bueno, two brothers who graduated from one of the world’s most prestigious universities, are now facing justice for a shocking reason: the theft of millions in cryptocurrency on the Ethereum blockchain.
A Successful Theft in Just 12 Seconds
According to the Department of Justice, the brothers are accused of using the “Maximal Extractable Value” (MEV) exploit to steal funds belonging to users. This theft allegedly occurred in just 12 seconds, altering electronic money movements and ultimately resulting in the theft of assets.
“A Unique Manipulation in its Kind”
Thomas Fattorusso, a special agent with the IRS-CI, stated that the Pepaire-Bueno brothers managed to carry out “a unique manipulation of the Ethereum blockchain through deception.” They accessed pending transactions and influenced the price of Ethereum. Fattorusso added: “Regardless of the complexity of the case, we continue to lead the charge in financial crime investigations.”
Binance Monitoring by Forensic Risk Alliance
Additionally, the Department of Justice has chosen the consulting firm Forensic Risk Alliance (FRA) to monitor the activities of the cryptocurrency exchange platform, Binance, for three years. The FRA will have access to all internal documents, premises, and employees of Binance to provide the Department of Justice with information on the state of the company.
In summary, this event highlights how cryptocurrency, despite its enormous potential, remains vulnerable to attacks by skilled cybercriminals. Enhanced protection and stricter regulation have become more important than ever.