A judge has denied MIT brothers’ bid to dismiss $25 million crypto fraud charges, ruling their novel crypto exploit methods still constitute wire fraud.
Two MIT-educated brothers have failed to get fraud charges dismissed in court in connection with a $25 million cryptocurrency theft from the Ethereum blockchain.
US District Judge Jessica Clarke denied a motion to dismiss by Anton and James Peraire-Bueno on Wednesday, stating the government adequately alleged their conduct met the criteria for fraud.
The federal government charged the pair in May 2024 with executing a fraudulent scheme, whereby they exploited a vulnerability on the Ethereum network to steal $25 million of cryptocurrency from “victim traders.”
