Two MIT-educated brothers went on trial Tuesday in Manhattan federal court for allegedly stealing $25 million in crypto in just 12 seconds. However, their defense claims it wasn’t illegal for them to have outmaneuvered "predatory" trading bots. Anton Peraire-Bueno and James Peraire-Bueno are alleged to have committed conspiracy, wire fraud, and money laundering. Each charge carries a maximum sentence of 20 years. Federal prosecutors call their April 2023 maximal extractable value (MEV) exploit on the Ethereum blockchain a "first-of-its-kind" fraud scheme, while defense attorneys insist it was simply a smart ... (full story)