Mistrial in $25 Million Crypto Case Against MIT Brothers
A federal judge in Manhattan has declared a mistrial in the high-profile case against James and Anton Peraire-Bueno, two MIT-trained brothers accused of a $25 million cryptocurrency theft. The case involved a 12-second Ethereum trade that prosecutors called a modern crypto fraud scheme.
Jury Could Not Agree
The jury spent three days trying to reach a decision. However, they could not agree on a unanimous verdict. In fact, the jurors said the case caused stress, tears, and sleepless nights.
Because of this, Judge Jessica G. L. Clarke stopped the trial. She explained that continuing would not change the result. As soon as the mistrial was announced, the brothers and their family were seen smiling and hugging.
What Prosecutors Claimed
Prosecutors argued that the brothers tricked the Ethereum system. According to them, the pair used invalid code to stop normal trades, view private transactions, and then redirect $25 million to their own wallets.
They also added that fraud is still fraud, even if it happens on a blockchain. So, they claimed the act was similar to lying to steal money, only done through advanced software.
What the Defense Said
The defense disagreed. They claimed the brothers simply outsmarted trading bots in a fair blockchain competition.
Also, they stated that the crypto world is self-regulated. In their opinion, the government should not treat blockchain strategy as criminal behavior.
Why This Case Matters
This mistrial is important. It is the third major crypto case this year that did not result in a conviction. As a result, many experts believe the government may face challenges in regulating digital assets in the future.
For now, it is unknown whether the brothers will face a new trial. Federal prosecutors have not made a final decision yet.
