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$7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

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Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#81

Post by anonporridge »

Eduard wrote: post #53
spoonjim wrote: post #40

Earlier quoted context omitted.

This isn't so far fetched. Cash registers already have Internet connections and can be outfitted with cameras to record all bills going in, except maybe those inserted in a stack. And ATMs might already be recording serial numbers of dispensed bills. Essentially they might/could do with currency what they do with license plates, which is track where everything goes and at what times.

Like 0 cash registers I have ever seen employ this.

Truth is, most cash these days probably only has one or two transactions between bank withdrawal and bank deposit.

If the banks track serial numbers, they could probably build a fairly complete picture of what kind of transactions are going on. With the vast amount of data, you could probably fill in a lot of the gaps.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#82

Post by lumost »

Skunkleton wrote: post #70
young_unixer wrote: post #65

Earlier quoted context omitted.

Monero tackles this problem. Coins are fungible and transactions are private. https://www.getmonero.org/resources/moneropedia/fungibility....

That both does, and doesn't solve this problem. If someone pays for services with stolen assets the ideal scenario is that the criminal is apprehended, the service provider doesn't lose money, and the funds can be returned to their rightful owner. Monero protects the service provider, but doesn't solve the other problems.

It's a curious question for the value proposition of blockchain denominated currencies.

There is a real possibility that in the future, all stolen assets will eventually be recovered and returned to their owners. There needn't be any limit to recovery given a universal, traceable, and non-fungible transaction log. Pretty soon payment processors/recipients would start maintaining blacklists of stolen coins which they refuse to transact in.

The value proposition of theft/fraud may be significantly curtailed in such a world.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#83

Post by myself248 »

throwaway888abc wrote: post #5

They can gift some Teslas

This just popped into my head:

1: Recipient. Participate in one of those pyramid scams that always shows up in @elonmusk's replies and elsewhere.

2: Sender. Send money to a bunch of people who show up in one of those scams.

3: Recipient. Your plausible explanation for the windfall that just landed in your account is that you thought the scam was real, and hey, it apparently was!

This leads me to wonder: Are those scams just cover for laundering, that happens to also suck in some other gullible victims along the way?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#86

Post by fuzzybear3965 »

leke wrote: post #6
throwaway888abc wrote: post #5

They can gift some Teslas

Or make a donation 1GVR2qbKgT4uVUQMYVgPhQxFcKRJBVYMo4 I actually wonder what would happen to me, if I suddenly received some of that stolen bitcoin.

Or bc1qtl0s05gxxnv9xskkyzrd7k5epwr4esqdhpcvfx

:pray: :)

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#87

Post by whimsicalism »

csomar wrote: post #46
whimsicalism wrote: post #26

Earlier quoted context omitted.

> swap into monero without using any KYC exchange How? Links on this being done?

Atomic swaps were possible way before Uniswap and the DeFi craze. Liquidity is another issue for 7.5bn though.

Isn't Uniswap doing a swap within the same chain?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#88

Post by cmeacham98 »

schmichael wrote: post #15
nknealk wrote: post #8

Here’s an interesting question — if you receive BTC from one of these addresses as payment for something, do you refuse it? You know it’s stolen and you might worry someone else who you might pay in the future would be able to track down that it’s stolen, so do you ask for “clean” BTC that isn’t linked to known theft? I don’t necessarily know the answer here. This is something that you can’t do with paper bills

> if you receive BTC from one of these addresses as payment for something, do you refuse it? You cannot refuse a BTC transaction. You could return it in a subsequent transaction, and pay the transaction fee, but I would imagine your address would be forever tainted by a number of illicit address/transaction tracking algorithms.

Pretty sure what they mean is 'do you refuse it as payment?' - i.e. should you provide the thing someone is paying for or send the payment back and ask for untainted coins?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#89

Post by noxer »

tristanj wrote: post #75
noxer wrote: post #61

Earlier quoted context omitted.

You just washed part of the BTCs which is now owned by the miner.

That's assuming a BTC miner even agrees to process the transaction. Why would a BTC miner want to deal with the headache of tainted bitcoins? It's such a problem that Marathon Digital Holdings, a major bitcoin miner, has stated they will refuse to process transactions from tainted addresses. In the near future, I expect more mining pools to do the same.

If they were send to you, someone does process them.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#90

Post by staplers »

ajkdhcb2 wrote: post #52

Funds like this can be frozen when 51% of mining pools start censoring transactions. Pools are now beginning to do this. I expect there will be a lot of BTC like this that starts to realise they need to be trying to dump it / escape into monero as quickly as they can

Monero is mostly traceable still.

Source: https://www.sciendo.com/article/10.1515/popets-2018-0025

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