Brothers indicted over $25 million Ethereum cryptocurrency theft: DOJ

PHOENIX - Two men have been indicted for their alleged role in a scheme that resulted in the theft of cryptocurrency worth $25 million.

In a statement, officials with the U.S. Attorney's Office said the indictments for 24-year-old Anton Peraire-Bueno of Boston and 28-year-old James Peraire-Bueno were unsealed on May 15. The brothers were arrested on May 14.

"The charges in the indictment arise from an alleged novel scheme by the defendants to exploit the very integrity of the Ethereum blockchain to fraudulently obtain approximately $25 million worth of cryptocurrency within approximately 12 seconds," read a portion of the statement.

A visual representation of digital cryptocurrency Ethereum (Photo by Jonathan Raa/NurPhoto via Getty Images)

Department of Justice officials say the two, who studied computer science and math "at one of the most prestigious universities in the world," are accused of plotting for months before executing the heist.

"These brothers allegedly committed a first-of-its-kind manipulation of the Ethereum blockchain by fraudulently gaining access to pending transactions, altering the movement of the electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims," investigators wrote. "After the exploit, the defendants transferred the stolen cryptocurrency through a series of transactions designed to conceal the source and ownership of the stolen funds."

The two are accused of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. If convicted, both could face up to 20 years in prison for each count.