According to investigations, the Peraire-Bueno brothers spent months planning their attack, studying their victims’ transaction habits, and developing a strategy accordingly. They manipulated the protocols that validate transactions, intervened in the transaction verification process, and redirected funds to their own accounts.

Their sophisticated scam was recorded as a first in the tech world. This incident, which casts a shadow on the reliability of blockchain technology, shocked many users.

Anton and James had backgrounds in computer science and mathematics.

Their specialized skills gained during their education, along with their expertise in cryptocurrency trading, allowed them to manipulate the Ethereum blockchain. By altering the protocols that validate transactions, they gained access to pending transactions and modified them to steal the victims’ cryptocurrency.

The brothers took numerous steps to conceal their identities while executing their fraud. They created fake companies, used different private cryptocurrency addresses, and employed foreign cryptocurrency exchanges to cover their tracks.

They also continually researched online to learn how to hide themselves and track their crimes.

Anton and James Peraire-Bueno were arrested in Boston and New York.

According to the indictment, the brothers face up to 20 years in prison. This incident once again highlighted the critical importance of security measures in the cryptocurrency world.

The attack on the Ethereum blockchain demonstrated how vulnerable cryptocurrency markets can be. Such a major event serves as a significant warning for both users and investors in the crypto world.