MIT graduate brothers stand trial for $25 million Ethereum exploit case

ChainCatcher news, according to Decrypt, two MIT graduate brothers, Peraire-Bueno, are on trial in Manhattan federal court, accused of stealing $25 million worth of cryptocurrency in just 12 seconds by exploiting a vulnerability in the Ethereum blockchain.

Prosecutors charge them with conspiracy, wire fraud, and money laundering, each carrying a maximum sentence of 20 years in prison. The defense insists that this was merely a strategic action in an unregulated crypto market, not a crime. The core dispute of the case revolves around whether the code can independently constitute fraud and whether criminal intent can be proven without direct victim interaction. The case is expected to last until early November.