In May 2024, federal prosecutors accused brothers Anton and James Peraire-Bueno of using access to pending private transactions and manipulating Ethereum’s transaction-validation process to obtain about $25 million in cryptocurrency in roughly 12 seconds. Those figures and the account of what happened are allegations—not findings of guilt. A later report said the first trial ended in a mistrial, and the sources cited here do not establish the case’s final outcome.
What prosecutors alleged
The U.S. Attorney’s Office for the Southern District of New York announced on May 15, 2024, that Anton Peraire-Bueno and James Peraire-Bueno had been charged with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. The announcement said the indictment alleged a scheme involving approximately $25 million in cryptocurrency and taking approximately 12 seconds.
According to the indictment, the brothers allegedly used their technical and cryptocurrency-trading expertise to manipulate the process and protocols used to validate and add transactions to Ethereum. Prosecutors alleged that they gained access to pending private transactions, altered transactions, and obtained cryptocurrency from traders. The indictment is the government’s account of the accusations; it is not a court’s finding that the allegations are true.
Did they hack Ethereum or break its cryptography?
The cited charging documents describe alleged manipulation of transaction validation and access to pending private transactions. They do not support saying the brothers broke Ethereum’s cryptography or changed the entire public ledger. Calling the allegations a generic “blockchain hack” obscures the specific conduct prosecutors described.
Recommended Free Tools
#1 Best Overall
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
The DOJ release and indictment described here do not name MIT. The university connection should therefore not be treated as established by those charging documents alone.
What happened in the case?
A report published by The Block on November 11, 2025, said the first trial ended in a mistrial after jurors could not reach a verdict. It reported that prosecutors sought another trial and quoted the government asking for the earliest possible date; the defense, according to the report, said a new date was not necessary at that time.
Rank #2
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
A mistrial after a jury cannot agree is not a conviction and does not establish guilt. The DOJ announcement and The Block report cited here do not establish whether a retrial later took place or the case’s final disposition as of October 8, 2026. Do not treat the defendants as convicted on the basis of these sources.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the “12 seconds” figure means
The approximately 12-second duration is the figure the Southern District of New York’s U.S. Attorney’s Office attributed to the alleged scheme in its May 15, 2024 announcement. It is not presented here as an independent measurement. U.S. Attorney Damian Williams described the allegation this way: “And once they put their plan into action, their heist only took 12 seconds to complete.” That was a prosecutor’s characterization, not a judicial finding.
Quick Recap
Best Value
- READY IN 3 MINUTES – Set up your ELLIPAL X Card crypto wallet on the offline Starter device, then tap to the ELLIPAL mobile App and start using it. This 100% offline crypto wallet is a no battery crypto wallet with no charging, no firmware updates, and no complicated setup.
- TURN ANY WALLET INTO A CARD – Already have a wallet? Import your recovery phrase from MetaMask, Trust Wallet, Ledger, Trezor, or any compatible seed phrase wallet. X Card works as a backup wallet and physical twin of your existing bitcoin wallet, ethereum wallet, NFT wallet, or altcoin wallet — no transfers, no new accounts, no starting over.
- BUILT ON AN EAL6+ SECURE CHIP – Designed as a secure crypto wallet and private key wallet, X Card generates and stores your private keys inside the EAL6+ secure chip. Your keys never reach your phone, the App, USB, Bluetooth, or the internet, making it a true no bluetooth hardware wallet and no USB crypto wallet.
- ONE APP, EVERYTHING CRYPTO – Manage more with one cold storage wallet. Buy, sell, swap, send, spend, and earn across 45+ blockchains and 10,000+ tokens. Use X Card as your cryptocurrency wallet, coins and tokens wallet, DeFi wallet, and staking wallet for everyday crypto management.
- TAP TO CRYPTO – Carry your crypto cold wallet on a card and secure every transaction with one NFC tap. ELLIPAL X Card combines the simplicity of a crypto wallet with the protection of a cold storage hardware wallet.
Rank #4
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Rank #3
- All your digital assets in one place. You can manage thousands of crypto including Bitcoin, Ethereum, Solana, Tether and more.
- Defend your identity against hackers: secure your online accounts with passwordless, hardware backed, 2FA logins for all your favorite apps and websites.
- Connectivity: USB-C cable connection only. No Bluetooth.Compatible with the Ledger Wallet crypto app, both desktop (Windows, macOS, Linux) and mobile (Android only). Not compatible with iOS.
- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
Sources and what they establish
- DOJ announcement, May 15, 2024: Identifies the defendants and charges, and states that prosecutors alleged an approximately $25 million cryptocurrency scheme lasting approximately 12 seconds.
- Indictment, filed May 8, 2024: Sets out the government’s allegations about transaction validation, access to pending private transactions, and obtaining cryptocurrency from traders.
- The Block report, November 11, 2025: Reports that the first trial ended in a mistrial and that prosecutors sought another trial.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
