Peraire-Bueno Brothers Cite DOJ Memo in Bid to Dismiss $25M Crypto Case
On Tuesday, April 15, 2025, Law360 reported that two brothers, Anton and James Peraire-Bueno, educated at the Massachusetts Institute of Technology, have cited a recent U.S. Department of Justice (DOJ) memo as they seek to dismiss charges related to the alleged theft of $25 million in cryptocurrency. The memo instructs prosecutors to avoid taking action on cases that require clarifying whether digital assets are classified as securities.
The Peraire-Bueno brothers were indicted in May 2024 on charges of wire fraud, conspiracy to commit wire fraud, and money laundering, stemming from allegations that they siphoned $25 million from the Ethereum blockchain in just 12 seconds. Both brothers have pleaded not guilty and deny any wrongdoing.
In their filing, they referenced the DOJ’s guidance issued on April 7, which emphasizes a shift away from a regulatory enforcement approach to digital assets. U.S. Deputy Attorney General Todd Blanche advised that prosecutors should focus on cases involving individuals who exploit digital asset investors rather than those requiring a determination of the assets’ legal status.
The brothers noted that the timing of their superseding indictment, which added a charge of conspiracy to receive stolen property, contradicts the DOJ’s updated stance. They argue that the government is stepping back from categorizing cryptocurrencies as securities under the Securities Act and has halted its previous regulation-by-enforcement approach.
The indictment alleges that the brothers used automated trading bots to manipulate transactions and disrupt the validation process on the Ethereum network. However, they contend that their actions were permissible under the Ethereum system’s code.
In their legal arguments, the Peraire-Bueno brothers stated that the new charge does not address the issues raised in earlier filings, asserting that digital assets do not qualify as “property” under the National Stolen Property Act. They characterized the new charge as an unprecedented addition to this already unique case.
Despite their arguments and reference to the DOJ memo, prosecutors have signaled their intent to continue pursuing the charges against the Peraire-Bueno brothers.
Source: Law360
