Catenaa, Friday, April 25, 2025-Two brothers charged with stealing $25 million worth of Ethereum are asking a federal court to dismiss their case, citing a shift in the Department of Justice’s (DOJ) cryptocurrency enforcement policy.
Anton and James Pepaire-Bueno, MIT-educated coders, were accused last spring of exploiting Ethereum’s transaction validation process to steal millions of dollars in ETH from traders.
They face charges of wire fraud, conspiracy to commit money laundering, and conspiracy to receive stolen property.
In a motion filed this week in Manhattan federal court, their attorneys argue the case should be thrown out, referencing a DOJ memo circulated last week.
The memo, issued under the Trump administration’s crypto policy framework, instructs the department to cease many crypto-related enforcement actions. One notable passage in the memo states that the DOJ is not a “digital assets regulator” and will refrain from regulating or pursuing litigation that imposes regulatory frameworks on digital assets.
The defense team for the Pepaire-Bueno brothers contends that this shift means the government cannot assert that Ethereum or other cryptocurrencies are property, thus rendering charges like conspiracy to receive stolen property invalid.
The memo’s statement that the DOJ will not determine the securities status of digital assets is central to their argument.
US District Judge Jessica G.L. Clarke will now decide whether to dismiss all or part of the case. This case, along with other criminal proceedings against prominent figures in the crypto space, has drawn attention to how the DOJ’s changing stance could impact ongoing investigations.
