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MIT-educated brothers accused of stealing $25 million in cryptocurrency in 12 seconds in Ethereum blockchain scheme (www.cbsnews.com)

submitted 4 months ago by Wilshire@lemmy.world to c/technology@lemmy.world

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[–] dhork@lemmy.world 26 points 4 months ago (1 children)

Found some more technical details here:

https://www.coindesk.com/policy/2024/05/15/brothers-accused-of-25m-ethereum-exploit-as-us-reveals-fraud-charges/

[–] solo@kbin.earth 24 points 4 months ago

The brothers created 16 Ethereum validators and targeted three specific traders who operated MEV bots, the indictment said.

To activate 1 validator you need 32 ETH. So for the 16 validators they got, it would be 512 ETH. Prices in December 2022 for eth were around 1200$. So they "invested" in this fraud over 600,000$.

Today's eth price is around 3000$ so they'd be having over 1.5 mil, if they weren't that greedy