this post was submitted on 15 May 2024
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This is the best summary I could come up with:
Washington โ A pair of brothers from New York and Boston were taken into federal custody Tuesday, accused by prosecutors of devising a novel criminal scheme to steal about $25 million in cryptocurrency from a commonly used blockchain, according to a newly unsealed indictment.
Investigators accused them of spending months plotting their theft within the Ethereum blockchain, baiting their victims and establishing shell companies to hide their illicit profits.
According to charging documents, the pair studied math and computer science "at one of the most prestigious universities in the country," which prosecutors said afforded them a unique set of skills that allowed them to carry out the first-of-its-kind endeavor in a matter of seconds.
The brothers allegedly started laying the groundwork in December 2022, engaging in what investigators called a "baiting" operation that targeted three specific victim traders on the digital Ethereum platform.
Investigators said the defendants' plot took months to plan but just 12 seconds to execute, allegedly raking in approximately $25 million from their unwitting victims.
They were arrested on Tuesday and are expected to make their initial appearances in New York and Boston federal courts on Wednesday.
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