The jury deciding the fate of two men accused of money laundering and fraud related to a $25 million exploit of the Ethereum blockchain has submitted a series of detailed questions to the judge as they deliberate, indicating a close scrutiny of key points in the case.
On Wednesday, jurors in the criminal trial of Anton and James Peraire-Bueno began deliberating over a verdict after three weeks of hearing differing theories of the case from defense attorneys and US prosecutors.
The brothers stand accused of using maximal extractable value (MEV) bots to extract about $25 million in digital assets from the Ethereum blockchain in 2023, in what prosecutors describe as a fraudulent scheme.
Thursday marked the beginning of the second day of deliberations, following a full day of considering the case facts and posing questions to the judge.
According to reporting from the courtroom by Inner City Press, the men and women on the jury asked the judge to clarify the “definition of good faith” and “false representation,” likely referring to the government’s argument that the brothers “tricked their victims” by presenting themselves as “honest validators” on Ethereum.
“A pretense is in act calculated to make people believe something untrue,” the judge reportedly told jurors on Wednesday.
A MEV attack on Ethereum occurs when traders or validators exploit transaction ordering on a blockchain for profit. In the Peraire-Buenos’ case, the brothers allegedly used automated MEV bots to “trick” users into trades. The exploit, though planned by the two for months, reportedly took just 12 seconds to net the pair $25 million in 2023.
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Still continuing deliberations, asking questions
As of Thursday morning, the jurors did not appear to be any closer to announcing a verdict. They asked the court to provide a transcript of Brett Hemenway Falk’s testimony from Monday.
Falk, a research professor at the University of Pennsylvania, reportedly testified regarding trading on Ethereum, saying MEVs were “available to whoever [was] fastest in getting it” and employed a “super-aggressive” strategy.
The Peraire-Bueno brothers each face charges related to conspiracy to commit wire fraud, money laundering and conspiracy to receive stolen property. If convicted, a judge could sentence them to up to 20 years in prison for each count.
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