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MIT students stole $25M in seconds by exploiting ETH blockchain bug, DOJ says (arstechnica.com)

submitted 6 months ago* (last edited 6 months ago) by [email protected] to c/[email protected]

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Brothers charged in novel crypto scheme potentially face decades in prison.

Case file: https://cdn.arstechnica.net/wp-content/uploads/2024/05/US-v-Bueno-Sealed-Indictment-5-15-2024.pdf

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[–] [email protected] 21 points 6 months ago* (last edited 6 months ago)

The brothers' online search history showed that they studied up and "took numerous steps to hide their ill-gotten gains," the DOJ alleged. These steps included "setting up shell companies and using multiple private cryptocurrency addresses and foreign cryptocurrency exchanges" that specifically did not rely on detailed "know your customer" (KYC) procedures.

They also researched the "very crimes charged in the indictment," the DOJ said. Among search terms found in the brothers' history during the planning phase of the alleged scheme were phrases like "how to wash crypto" and "exchanges with no KYC." Later, seemingly attempting to prepare for any legal consequences from the scheme, the brothers allegedly searched for things like "top crypto lawyers," and "money laundering statute of limitations," and "does the United States extradite to [foreign country]."

Smart enough to hack the blockchain, but still too dumb to crime.

I'm not exactly sympathetic of crypto-bros, particularly ones using bots that got exploited, but these two dummies don't seem great either. Maybe this will at least set some precedent for regulating this shit show. Probably not, though.