$25 Million Crypto Robbery Exposes Gaps in Blockchain Security
A recent incident in the crypto world has raised concerns about the security of decentralised finance. In April 2023, approximately $25 million in cryptocurrency disappeared from the Ethereum network in a matter of seconds.
The alleged exploit did not involve a brute-force hack or a break-in at an exchange. Instead, it targeted the handling of pending transactions and the behavior of automated trading programmes, or "bots".
- The scheme exposed weaknesses in the operational logic surrounding blockchain protocols.
- The defendants, brothers Anton and James Peraire-Bueno, are accused of planning the operation over several months.
- Both defendants studied mathematics and computer science at MIT.
The operation was carried out in approximately 12 seconds.
Author's summary: Crypto robbery reveals blockchain security gaps.
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