Mistrial Declared in $32.5 Million Cryptocurrency Heist Case
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A New York jury was unable to reach a verdict in the case against Anton and James Peraire-Bueno, MIT-educated brothers accused of orchestrating a $25 million cryptocurrency heist involving the Ethereum blockchain.
On November 7, 2025, U.S. District Judge Jessica Clarke declared a mistrial after jurors could not agree on a conviction or acquittal following a three-week trial in Manhattan federal court, as reported by Cointelegraph.
Prosecutors argued that the brothers engaged in a sophisticated fraud scheme, using automated MEV bots to exploit transaction ordering and trick users into trades, extracting funds from unsuspecting victims in just 12 seconds.
They contended that the brothers had plotted their actions for months, framing their strategy as a bait-and-switch tactic that ultimately constituted fraud. According to the prosecution, the brothers pretended to be legitimate validators on the Ethereum network, thus rigging the system for their benefit.
On the defense side, their legal team asserted that the trading strategy employed was legitimate within the competitive cryptocurrency environment, arguing there was no fraud involved. They likened the alleged actions to a legal maneuver in baseball, emphasizing the absence of deceitful intent.
The mistrial has sparked debate within the cryptocurrency community regarding the legal implications of MEV-related activities, with observers questioning whether such conduct should be classified as criminal.
As noted by The Straits Times, the case's complexity arises from the evolving landscape of cryptocurrency regulation and enforcement, particularly following a shift to a more crypto-friendly approach during the Trump administration.
The mistrial leaves uncertainties for the Peraire-Bueno brothers and broader implications for the crypto industry, as advocates like Coin Center have intervened to assert that the indictment may not constitute wire fraud.
Legal experts point out that a jury's interpretation of the brothers' actions could lead to significant precedents in the treatment of similar cases in the future. This situation embodies the continuing challenges of fraud and manipulation in the cryptocurrency space, raising critical questions about security, trust, and regulatory oversight in digital transactions.