The Largest Theft in Ethereum
May, 2024

The Largest Theft in Ethereum

Two brothers, aged 24 and 28, MIT graduates, seem to perform one of the most sophisticated and complex thefts in the crypto world, finding a hole in the Ethereum source code.


In April 2023, the two siblings run a code script in the Ethereum network when in just 12 seconds, they managed to steal around $25 million in tokens.


Using their knowledge, the Peraire-Bueno brothers managed to find a mathematical gap in the Ethereum source code, that affects the transaction confirmation in the network.


More specifically, the tokens were “stolen” during the confirmation time of the transactions as the brothers gained access in private wallets and changed the final destination address.


This incident will bring Ethereum in really difficult position and is expected to bring changes at infrastructure level.


Until then, the brothers are facing around 20 years in jail time…….


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