MIT Graduates Face Trial Over Alleged $25 Million Cryptocurrency Theft

According to Foresight News, two MIT graduates, the Peraire-Bueno brothers, are on trial in Manhattan federal court as of October 15. They are accused of exploiting a vulnerability in the Ethereum blockchain to steal $25 million in cryptocurrency within 12 seconds in April 2023. Prosecutors have charged them with conspiracy, wire fraud, and money laundering, each carrying a maximum sentence of 20 years in prison. The defense argues that the brothers' actions were merely strategic maneuvers in an unregulated crypto market, not criminal acts. The central issue in the case is whether code alone can constitute fraud and if criminal intent can be established without direct victim interaction. The trial is expected to continue until early November.