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Fortune
Fortune
Jeff John Roberts

MIT grads’ $25 million crypto crime puts spotlight on Ethereum front-running

(Credit: Jakub Porzycki/NurPhoto—Getty Images)

If you graduate from the Massachusetts Institute of Technology with elite computer skills, you can make great money working for a tech company—or even more money working on Wall Street. But if that doesn't grab you, and you want to get even richer, you can always try your hand at white-collar crime like twentysomething brothers Anton and James Peraire-Bueno. The pair came up with a scheme that let them pocket $25 million in just 12 seconds. Unfortunately, it ended badly, as the feds announced yesterday in a press release that reads like a pulp novel.

"Unfortunately for the defendants, their alleged crimes were no match for Department of Justice prosecutors and IRS agents," wrote the DOJ. For good measure, the release quotes an agent who declares the crime was solved "with cutting-edge technology and good-ole-fashioned investigative work."

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