How 2 Brothers Allegedly Cheated a Noxious-But-Accepted Ethereum Practice for $25M

How 2 Brothers Allegedly Cheated a Noxious-But-Accepted Ethereum Practice for $25M


They had it all planned out.

In late 2022, the brothers Peraire-Bueno – twenty-something graduates of a prestigious university who had turned their sights on blockchain – embarked on an effort that ultimately netted them $25 million, in one of the most sophisticated exploits in a decade or so of frequent crypto exploits. At the outset, according to U.S. prosecutors, they outlined a four-step plan.

First there was “The Bait.” Then there was “Unblinding the block,” followed by “The Search,” and ultimately “The Propagation.”

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“In the months that followed, the defendants followed each stage as outlined in their Exploit Plan,” according to an indictment.

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