161–170 of 901 posts
Shouldn't all true crypto believers hate this news? It's the government trying to enforce their opinion of who should own those Bitcoins, thereby taking power away from the owner that the network has decided on, which would be "whoever has the cryptographic keys".
It seems that Tornado Cash ( https://tornado.cash/ ) could have been used to launder the funds. I wonder if: - Laundering happened before Tornado Cash existed, so Tornado Cash was not used - They used something like Tornado Cash, but the funds were still traceable
So, tornado only takes Eth. They could have used something like wbtc, to bridge the bitcoin to Ethereum and then swap to eth to run it through tornado. But wbtc is a custodial wrapping service that would require kyc. There are other wrapping services that don't, but they have nowhere near that much liquidity on Ethereum to execute the trade to eth needed to run it through tornado. The other problem is that tornado ha…
A thief still has to figure out how to convert crypto to fiat. But I am assuming that there are jurisdictions where this is possible without KYC.
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I agree. But if not for privacy, why use crypto at all? Even bank accounts are reasonably private, if you are not doing anything considered suspicious by society. Also, with mixers such as tornado_cash, laundering money is , sadly , pretty trivial.
Mixing is not laundering. The difference is that laundering provides you with an explanation for wealth and/or income. Example of laundering: buy a business (with clean or borrowed money), have fictional customers "spend" their cash money at your business every day, then report your income and pay taxes. Now if anybody asks about where you got your money, you have a seemingly legit explanation. Mixing does none of th…
Then you can convert those crypto (in new account) into fiat money.
Everyone will know you are lying, but they will never be able to prove it.
Do you think there are more charges to come?
If they think they actually laundered money through businesses, why didn't they charge them with multiple counts of money laundering and multiple counts of wire fraud and a violation of the CFAA?
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vitalik (ethereum founder) used an interesting system. He split the key in 2. Wrote both on paper. Gave 1 paper to family and kept the other. Even if the police raid him (hypothetically), they cannot raid the houses of his family and friends at the same time This way the police or anybody else cannot get your private key.
No, but if you don't have your half memorized and they take it from you, the other half is useless. This is more useful if you want to leave your crypto to your family if you die, provided that you make it easy for them to find your half if you're not around.
Should I expect price drop once feds start to sell it? Or they'll just destroy the keys (keeping the money invested forever).
Maybe that'd allow for something of a reboot of the ecosystem having eliminated the scum that usually starts to invade any remotely financially exploitable system after a while.
fwiw, it appears one of the named here is a YC Alum: https://news.ycombinator.com/user?id=il https://www.linkedin.com/in/unrealdutch/
Should have just become a limited partner in one of the Silicon Valley PE funds, next to the Oligarchs
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Well, yes. If you can socially engineer customer support staff, you can do the same to venture capitalists.
Then it seems pure luck that some conniving sociopath at the top can lead a company to produce useful goods.
Earlier quoted context omitted.
vitalik (ethereum founder) used an interesting system. He split the key in 2. Wrote both on paper. Gave 1 paper to family and kept the other. Even if the police raid him (hypothetically), they cannot raid the houses of his family and friends at the same time This way the police or anybody else cannot get your private key.
or you end up with a useless half key or your trusted accomplice helps in the investigation
Encrypting it with a good password that you remember and then printing the encrypted keys comes to mind.
> “After the execution of court-authorized search warrants of online accounts controlled by Lichtenstein and Morgan, special agents obtained access to files within an online account controlled by Lichtenstein,” the press release said. “Those files contained the private keys required to access the digital wallet that directly received the funds stolen from Bitfinex, and allowed special agents to lawfully seize and rec…
They mention chain hopping and privacy chains. Maybe they slipped up using ZEC and made some of their transactions public?