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Exmo Bitcoin exchange chief executive kidnapped in Kiev

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Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#111

Post by gst »

golergka wrote: post #106
55555 wrote: post #83

Unfortunately, one of the 'killer apps' for crypto is extortion. It's going to change the world and not for the better. The hard part of extortion has always been getting paid. It's always involved exposure ("meet me there with a bag of money") or been subject to limitations (wire transfer clawbacks, cash withdrawal limits, etc), until now. Right now anyone in the world can fill an insulin syringe with cyanide soluti…

But how will such a criminal make Coca cola trust that it's him and not his impostor asking for money? And how will he make Coca cola trust that he will actually stop doing it?

1) Send the SHA1 hash of a message in which you detail what you're going to do (locations, time, etc.).

2) Do whatever you're planning to do.

3) Transmit another message to the company you're blackmailing in which you reveal the message that matches the original SHA1 hash.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#112

Post by gst »

TeeWEE wrote: post #108

The weak spot of Cryptos is in the exchanges. Getting your money in or out of crypto is a reall hassle, and a risky undertaking. I still had some money at Exmo, moved them to Ether to send them to Kraken (and in my own wallet eventually). However the ethereum transaction is still in "Verifying status". Normally I always keep my cryptos in cold storages, but you cant want you want to exchange them for cash. I also tri…

For crypto-crypto exchanges you can use trustless atomic swaps. For crypto-fiat just use a reputable exchange that operates in your local jurisdiction.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#113

Post by gst »

freeloop3 wrote: post #92
jameslk wrote: post #27

So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?

It doesn't matter if you own crypto or not. The mere existence of it creates a threat for every relatively rich person out there. They can simply coerce your family to buy bitcoin and give them some, on threat that they kill you.

> The mere existence of it creates a threat for every relatively rich person out there.

For every rich person that openly shows their wealth.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#114

Post by pjc50 »

jameslk wrote: post #54
jondubois wrote: post #36

Earlier quoted context omitted.

Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.

I could imagine the current exchanges becoming banks, in the disruptive sense. What's stopping them from creating interest-earning savings accounts and loaning out on a fractional reserve basis? Seems like we'll be back where we were a century ago, bank runs and all.

"Tether" is effectively a fractional-reserve "currency" in use by bitfinex.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#116

Post by jackvalentine »

gst wrote: post #113
freeloop3 wrote: post #92

Earlier quoted context omitted.

It doesn't matter if you own crypto or not. The mere existence of it creates a threat for every relatively rich person out there. They can simply coerce your family to buy bitcoin and give them some, on threat that they kill you.

> The mere existence of it creates a threat for every relatively rich person out there. For every rich person that openly shows their wealth.

I'm sure it's not impossible to find 'under the radar' rich people - and people who take care to not flaunt their wealth will probably be more likely to try and make the whole thing go away quietly by paying up.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#117

Post by csomar »

55555 wrote: post #83

Unfortunately, one of the 'killer apps' for crypto is extortion. It's going to change the world and not for the better. The hard part of extortion has always been getting paid. It's always involved exposure ("meet me there with a bag of money") or been subject to limitations (wire transfer clawbacks, cash withdrawal limits, etc), until now. Right now anyone in the world can fill an insulin syringe with cyanide soluti…

Another case: btce. Now turned to Wex. They got the possibility to run with users funds but instead they decided to stick around.

That being said, most people are peaceful. Crime-wise, they are slightly willing to do bad things (like stealing quietly from the market). Those ready to kill or cause great damage, are not normal people and are not most people.

Go to Japan and see how people behave their. America is violent and so is many places in the world. But I would not lose faith yet.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#118

Post by walshemj »

freeflight wrote: post #71
ryanlol wrote: post #55

Earlier quoted context omitted.

>they can just hire bodyguards Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.

> Which won't be able to carry weapons in most places. Most places? Places like what? Even Germany, with its rather restrictive gun laws, has exemptions for private security companies allowing to carry weapons. While I don't know any specifics, I doubt that it's gonna be that much more difficult, in Eastern Europe out of all places, to get a legal carry permit.

which is ironic as the RAF was a fairly hopeless terrorist organization that did not carry out many actions

I met an old school mate years ago she was working as a PA for deutsche bank in the uk and she mentioned that the senior mangers where annoyed as the UK would not allow them to have armed body guards.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#119

Post by whiskers08xmt »

EGreg wrote: post #102
Meekro wrote: post #94

Earlier quoted context omitted.

There are several fully-anonymous altcoins in use today. The crooks would use one of those instead.

What is the guarantee that some random extortionist is going to stop just cause you sent them money?

The chance that someone would send him money a second time is very small, and the act of terrorism comes with risk of getting caught. If the extortionist is in it for the money, it doesn't make sense to continue the same scheme. It might make sense to start a new scheme, however.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#120

Post by Hermel »

55555 wrote: post #83

Unfortunately, one of the 'killer apps' for crypto is extortion. It's going to change the world and not for the better. The hard part of extortion has always been getting paid. It's always involved exposure ("meet me there with a bag of money") or been subject to limitations (wire transfer clawbacks, cash withdrawal limits, etc), until now. Right now anyone in the world can fill an insulin syringe with cyanide soluti…

It's not entirely risk-free, as the spending of stolen or other Bitcoins of questionable origin is not trivial. Even if you use Monero or Z-Cash, regulation requires you to specify how you earned the money when cashing out. Yes, you can make something up, but you will need a good, plausible story.
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