631–640 of 901 posts
Should I expect price drop once feds start to sell it? Or they'll just destroy the keys (keeping the money invested forever).
Previously seized coins have been sold in off-chain auctions, same mechanism as other seized goods. Since these have a known rightful owner, though, they may just be returned.
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The cryptographic keys were stored on a cloud storage device. Law enforcement agencies gained access to these keys while executing a search warrant and used them move the funds. So by this logic, the government is now the rightful owner of these funds.
Correct. This is why crypto, at least in its current form, must fail. In the crypto world possession is 10/10ths of the law.
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yeah I've never seen a crypto investigation that made me impressed with the government's abilities, nothing that surprised me about the utility of OPSEC best practices, only people with weak links and dumb behaviors that are incompatible with doing something criminal.
You're not serious, right? You clearly haven't seen some of the latest unlicensed money transmitter prosecutions. The resourceful agents over at HSI have come up with an incredibly effective method of stopping crime in the Bitcoin network. It looks something like: CS1: "I would like to exchange these dollars which I represent to be the proceeds of the sale of controlled substances in violation of the Controlled Subst…
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After this hack, Bitfinex account holders took a haircut (30% or so) and were given tokens representing the remainder of their dollar-denominated account balances. Those tokens were paid in full in 2017ish. Later, the UK, Portugal, and Poland seized $1B or so of Bitfinex customer funds due to the funds being delivered by Crypto Capital Corp who was found to be engaged in money laundering. Bitfinex issued LEO tokens t…
It's so odd that the story breaks today but LEO started jumping 8 days ago. No insider trading there, I am certain!
Ilya is a good guy, I don't think he's guilty. there's gotta be a misunderstanding everyone thinks this story is about me
This goes to show that the only use case for NFTs is to launder money, and it's not exactly a great way of doing it. I hope they get a long prison sentence.
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As a crypto unbeliever I hate this too. Legal enforcement legitimizes crypto as property. It expands the definition of property by institutionally conferring the status of "owned" to a functional configuration of bits distributed over thousands of computers. Do we have this concept for other things? yes. But I'd rather like to contract the space of property rather than expand it.
> It expands the definition of property by institutionally conferring the status of "owned" to a functional configuration of bits distributed over thousands of computers. Do we have this concept for other things? Intellectual property has been a thing for a long, long time. You don't literally need to have a physical thing somewhere for laws to apply.
I'm curious why you included a statement about IP existing for a long time. Is there something about the duration of existence that makes something important? Descriptive statements are notoriously difficult to transform into normative statements.
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That last comment is pretty prophetic: "Like it or hate it, there is a sea change happening in how governments treat cryptocurrency. " Wonder how he feels about that sea change now.
Meh. Governments have long arrested cryptocurrency criminals. This is hardly a sea change.
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".
As a crypto unbeliever I hate this too. Legal enforcement legitimizes crypto as property. It expands the definition of property by institutionally conferring the status of "owned" to a functional configuration of bits distributed over thousands of computers. Do we have this concept for other things? yes. But I'd rather like to contract the space of property rather than expand it.
Do Visa and Mastercard count?