WilshireMIT-educated brothers accused of stealing $25 million in cryptocurrency in 12 seconds in Ethereum blockchain scheme
AbidanYreIn doing so, they fraudulently gained access to pending private transactions and used that access to alter certain transactions and obtain their victims’ cryptocurrency,
I guess they never watched Office Space, or Superman III.
Edit: wrong Superman
It was on the cover of that tps report.
I feel like you’re jumping to conclusions
…have you seen my stapler?
and I kept the staples for the Swingline stapler and it’s not okay because if they take my stapler then I’ll set the building on fire…
They must have fucked up some mundane detail like misplacing a zero or something.
Superman III
Maybe I need to go rewatch it.
Found some more technical details here:
The brothers created 16 Ethereum validators and targeted three specific traders who operated MEV bots, the indictment said.
To activate 1 validator you need 32 ETH.
So for the 16 validators they got, it would be 512 ETH. Prices in December 2022 for eth were around 1200$. So they "invested" in this fraud over 600,000$.
Today's eth price is around 3000$ so they'd be having over 1.5 mil, if they weren't that greedy
The brothers allegedly started ... a "baiting" operation that targeted three specific victim traders on the digital Ethereum platform. They are specifically accused of exploiting the "validators" on the blockchain.
For me the impressive part of this article is that it claims they did it without the private keys of the 3 traders. What sort of "vulnerability" is this one that leaves a window of 12 hole seconds that bypasses the private key? Looking so forward to the specifics.
Yeah but who the fuck figured it out and how? Sounds to me like those fellows did their homework?
db0I’m curious to see how the cops found out who’s they were to arrest them
Bet they literally posted their deeds in discord or some shit
KairuByteYeah the first rule about something like this is to keep your damn mouth shut.
The second rule is to launder it slowly so it can’t be traced back to you.
Yeah the first rule about something like this is to keep your damn mouth shut.
The second rule is to launder it slowly so it can’t be traced back to you.
But Code is Law! It's decentralized and trustless, I'm really disappointed with the victims for going to big government, with cryptocurrency there's no need for government. The blockchain clearly already decided that the ETH belongs to the two brothers.
ETH abandoned the trustless part. Now you’re supposed to trust the validators. Clearly, you can’t.
It was never “trustless”, but trust in the system as a whole.
The change you mentioned is more a change of the definition of “system”, since now it’s effectively an oligarchy.
garretbleCrypto: “We don’t have or want government oversight.”
Also crypto: “Please, government, help us get back our made up money!”
Effectively they speed run something like 400 years of banking regulation and its history.
And how on earth did you arrive to this arbitrary conclusion?
I mean, yes, but I can’t help pointing out that all money is made up. The only difference is the purpose of the money system.
I wish people would go straight to the source for these stories. No reason to link to something that only paraphrases a press release and adds some ads.
Press release (contains link to indictment):
Two Brothers Arrested For Attacking The Ethereum Blockchain And Stealing $25 Million In Cryptocurrency
Damian Williams, the United States Attorney for the Southern District of New York; Lisa Monaco, the Deputy Attorney General of the United States; and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today the unsealing of an Indictment charging ANTON PERAIRE-BUENO and JAMES PERAIRE-BUENO with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.