MIT Brothers Accused of Stealing $25,000,000 in Sophisticated Strategy To Bait Crypto Trading Bots: Report
Two MIT-educated brothers are facing federal charges for allegedly orchestrating a cryptocurrency fraud that stole approximately $25 million from Ethereum ( ETH ) traders.
James and Anton Peraire-Bueno are accused of exploiting bots that profit from cryptocurrency trades by setting up small, risky trades to lure them – then using a flaw in the Ethereum network to rearrange the trades and take the profits for themselves, reports Bloomberg.
Court filings identify the brothers’ primary alleged victim as Savannah Technologies, a little-known Israeli firm.
Its CEO, David Yakira, is expected to testify for the prosecution about how the company lost $13 million when the brothers targeted its trading bots.
The brothers have pleaded not guilty, and the most serious fraud charge has a maximum penalty of 20 years in prison.
Prosecutors are presenting the case as a straightforward theft, highlighting the brothers’ actions for the jury.
To demonstrate criminal intent, they reportedly plan to reference Anton’s alleged web searches asking whether “prison or jail worse” and “where do criminals keep dollars.”
The defense argues that their actions were legal within the largely unregulated crypto market and that the trading bots themselves engage in similar practices.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ECB Cautions That Fluctuations in Tech and Crypto May Trigger a Market Crash Similar to 2000
- ECB warns U.S. tech and crypto volatility risks triggering a 2000-style market crash, citing sharp asset corrections and AI-driven valuation fragility. - ECB officials stress central banks must retain rate-cut flexibility amid rising risks, as crypto outflows and equity inflows highlight market divergence. - JPMorgan analysis flags crypto panic-selling risks spilling into broader systems, while MSCI warns a 63% sector collapse could follow AI confidence loss. - ECB and BIS caution stablecoin growth threa
Bitcoin Updates Today: Leverage and ETF Withdrawals Drive the "Major Crypto Collapse of 2025"
- Bitcoin plunged to $80,600 in November 2025, marking its worst monthly drop since 2022, with $1.2T in market value lost. - The "Great Crypto Crash" was driven by ETF outflows, leveraged liquidations, and global risk aversion, dragging Ethereum and altcoins to multi-month lows. - Structural factors like $19B in October leveraged losses and $3.8B ETF outflows amplified the downturn, while macro risks like Fed policy uncertainty worsened sentiment. - Analysts remain divided: some see institutional BTC hoard
Bitcoin News Today: Bitcoin Index Face-Off: Saylor Challenges Convention, Ignites Market Fluctuations
Solana's Latest Rally and Price Forecast Driver: Blockchain Integration and Endorsement by Institutions
- Solana (SOL) sees $12.1B TVL in Q3 2025, driven by DeFi growth and institutional adoption despite mid-November volatility. - Institutional validation grows via ETFs (Bitwise, Grayscale) and partnerships like Western Union's remittance pilot leveraging Solana's speed. - Price analysis shows $178 support holding, with $190-$195 resistance targets as DeFi TVL growth and staking yields (6.82%) attract capital. - Validator efficiency improvements and real-world use cases position Solana as a scalable blockcha
Trending news
MoreCrypto prices
More
