A federal judge in Manhattan has declared a mistrial in the high-profile case against James and Anton Peraire-Bueno, two MIT-educated brothers accused of orchestrating a $25 million cryptocurrency heist through a lightning-fast 12-second Ethereum blockchain transaction.
The trial, which began in mid-October, ended abruptly after the jury reported being emotionally overwhelmed and deadlocked, unable to reach a unanimous verdict. In a note to U.S. District Judge Jessica G.L. Clarke, jurors described sleepless nights, spontaneous tears, and a lack of progress in deliberations.
“We are unanimously of the belief that we are not making any progress,” the jury wrote. “Multiple jurors have broken down in tears.”
Prosecutors alleged the brothers exploited vulnerabilities in Ethereum’s transaction validation process to siphon off $25 million in a scheme described as the first-of-its-kind wire fraud and money laundering conspiracy. Defense attorneys countered that the brothers’ actions were legal, innovative, and competitive, arguing they simply outmaneuvered the system.
The mistrial leaves open the possibility of a retrial, though no date has been set. Legal experts say the case could set a precedent for how courts interpret blockchain-based financial manipulation.
