Authorities from the United States Department of Justice have unveiled an indictment against two individuals accused of stealing $25 million in cryptocurrency through a scheme that undermined the integrity of the Ethereum blockchain.

In a notice dated May 15, the Justice Department charged brothers Anton Peraire-Bueno and James Pepaire-Bueno with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. According to U.S. officials, the brothers used a fraudulent scheme to obtain $25 million worth of cryptocurrency "within approximately 12 seconds," challenging the trust in the blockchain's security.

“These brothers allegedly executed a unique manipulation of the Ethereum blockchain by fraudulently accessing pending transactions, altering the flow of electronic currency, and ultimately stealing $25 million in cryptocurrency from their victims,” stated Thomas Fattorusso, a special agent with the IRS Criminal Investigation’s New York Field Office.

The exploit targeted the maximum extractable value (MEV) within the Ethereum blockchain. The brothers allegedly conducted a series of test transactions that enabled them to cause the blockchain to "prematurely release the full content of a proposed block," allowing them to steal the cryptocurrency.

U.S. authorities reported that the brothers refused to return the stolen funds and concealed the assets using shell companies and foreign crypto exchanges, distributing them across several wallets. If convicted, they could face up to 20 years in prison for each count.

According to blockchain security platform CertiK, victims of crypto hacks, exploits, and scams lost roughly $25 million in April — the lowest monthly figure since 2021. The platform noted approximately $1 billion in crypto losses to illicit activities in 2023.