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The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

wsj.com

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Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#31

Post by thehappypm »

jeffy90 wrote: post #23
nanidin wrote: post #21

Earlier quoted context omitted.

I believe you can buy envelopes of cash on the darknet - though then you’re probably at high risk of receiving counterfeits or running into a sting.

How do you get the physical envelopes of cash without detection?

Is that really challenging? Mailing paper through the mail without getting flagged? Sending money isn’t illegal in and of itself.

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#32

Post by ucha »

The statute of limitation for wire fraud is 5 years. How did he get charged under that statute when he stole funds from Silk Road in 2012? Did they charge him for converting BCH into BTC in 2017?

I tried to look up the case but couldn't find anything that shed a light on that.

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#33

Post by nwah1 »

kenbaylor wrote: post #25
nwah1 wrote: post #15

Earlier quoted context omitted.

On what basis do you make this statement?

Likely on this basis: https://www.bbc.com/news/technology-35038971.amp

So, one agent was caught and convicted of theft, on an unrelated matter, and this is evidence of corruption? Wouldn't that, in fact, be evidence of a system that is successfully punishing corruption?

And since the transaction history is traceable, you cannot posit mysterious other transactions that are unaccounted for. Those would be quickly revealed.

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#35

Post by Red_Leaves_Flyy »

Lerc wrote: post #29
SahAssar wrote: post #22

Earlier quoted context omitted.

But used as intended (not via a KYC exchange) it is pseudonymous, right?

Until you buy something you can touch.

And then all transactions up steam can get unraveled.

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#36

Post by noduerme »

SahAssar wrote: post #22
phyzome wrote: post #19

Say it with me: "Bitcoin is not, and never was, anonymous."

But used as intended (not via a KYC exchange) it is pseudonymous, right?

If you trade in and out for cash, in person with a counterparty, from a self-hosted wallet that you never use to send or receive from any other wallet that's connected to an exchange... then yes. The use case for this is mainly moving money over borders.

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#37

Post by Red_Leaves_Flyy »

SahAssar wrote: post #22
phyzome wrote: post #19

Say it with me: "Bitcoin is not, and never was, anonymous."

But used as intended (not via a KYC exchange) it is pseudonymous, right?

How is that helpful?

Get Bitcoin from crime

Wash into monero?

Pray the tumbler is legit?

Wash back into Bitcoin

Now what? Bitcoins from tumblers are suspect everywhere with kyc requirements.

Sell off books to a Russian oligarch or North Korea I guess?

Re: The U.S. cracked a $3.4B crypto heist and Bitcoin’s anonymity

#40

Post by epgui »

ucha wrote: post #32

The statute of limitation for wire fraud is 5 years. How did he get charged under that statute when he stole funds from Silk Road in 2012? Did they charge him for converting BCH into BTC in 2017? I tried to look up the case but couldn't find anything that shed a light on that.

Probably because of discoverability or something like that?
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