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International Business Times UK
International Business Times UK
Vinay Patel

'Gone in 12 Seconds': How MIT Students Stole $25M Crypto in a US Criminal Case First

MIT IRS Crypto United States Damian Williams Bitcoin Cryptocurrency Lisa Monaco blockchain Ethereum
MIT grads arrested for record $25M crypto heist. Feds call it 1st of its kind, vow to stop future attacks. (Credit: Pexels)

Two brothers, both former Massachusetts Institute of Technology (MIT) students, were arrested on Wednesday for allegedly perpetrating a first-of-its-kind scheme to exploit the Ethereum blockchain and steal $25 million (£19.71 million) in cryptocurrency.

Manhattan federal prosecutors described the scheme of Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, a "novel" attack on the Ethereum blockchain, marking the first US criminal case of its kind.

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