MIT Grad Brothers’ Trial Puts Focus on ‘Wild West of Crypto’

Two brothers, both recent Massachusetts Institute of Technology graduates, are going on trial this week in a case that promises to shed light on a secretive and controversial cryptocurrency trading strategy.

James and Anton Peraire-Bueno are accused of stealing around $25 million from traders on the Ethereum blockchain engaged in so-called sandwich attacks. The brothers, who have pleaded not guilty, argue their conduct was fair game in an unregulated area of the market, and that their alleged victims were doing something similar.