In brief
- Travis Chen, a quantitative trader who worked for the brothers’ company, testified about a December 2022 meeting where they outlined the alleged scheme.
- Chen agreed to forfeit $2.4 million, his cut from the operation, under a nonprosecution agreement with the government.
- Notes from the planning meeting showed the brothers reportedly anticipated making $6 million or potentially “way higher” if they could “trap them all at once.”
Two MIT-educated brothers allegedly planned for months to exploit a software vulnerability and steal $25 million from crypto traders in just 12 seconds, a former employee testified Friday in Manhattan federal court.
Travis Chen, a quantitative trader and former employee of Anton and James Peraire-Bueno’s firm 18decimal, testified that during a December 2022 meeting, the brothers allegedly outlined a plan to manipulate Ethereum’s MEV-Boost protocol in an operation they referred to as “Omakase.”
“It was an operation that profited at the expense of sandwich bots,” Chen testified under a nonprosecution agreement that required him to forfeit $2.4 million, his cut from the alleged heist, according to a Law360 report.
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Author: Vismaya V
