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Inputs.io hacked – 4100 BTC stolen

inputs.io

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Re: Inputs.io hacked – 4100 BTC stolen

#31

Post by bdcravens »

Taylorious wrote: post #30

So I have seen several of these stories pop up and I am still kind of confused by them. Are these hackers actually getting "real" money at some point? Are they able to cash out these bitcoins to USD or something else in a reasonable time-frame, or do they simply have a large amount of "fake" money that they can use for very specific goods and services?

They're likely moving the Bitcoins to their own cryptowallet. At that point they could spend on sources that accept Bitcoin for payment (Silk Road and the like, Reddit Gold, the small but growing set of real-world places that take Bitcoin, etc) or could transfer to an exchange to cash out.

tl;dr - both.

Re: Inputs.io hacked – 4100 BTC stolen

#32

Post by [deleted] »

M4v3R wrote: post #2

4100 BTC = 1.1 mil USD at current prices. These Bitcoins were stolen from website's "hot wallet" (every shared wallet has to operate one to process current withdrawals). This hot wallet was probably too hot though, as it seems that they had most of their coins online, and only about one third offline (other services claim to store 80-90% offline). According to postings on Bitcointalk.org forums people are getting bac…

[deleted]

Re: Inputs.io hacked – 4100 BTC stolen

#33

Post by drstewart »

Helianthus wrote: post #23

I don't know what you expected, Bitcoin enthusiasts. You bought into a system where coins could be permanently lost because you forgot a password. You bought into a system where the government cheerfully gained control of a large share of the market by simple confiscation. You have recreated money . But you aren't even good at it! You still think that simple cryptography will excuse you from the fact that you're gree…

>You bought into a system where coins could be permanently lost because you forgot a password.

As opposed to a system where coins can be permanently lost because you have a hole in your pocket?

Re: Inputs.io hacked – 4100 BTC stolen

#34

Post by jzwinck »

albertyw wrote: post #19

Anybody wondering how long it will take for Bitcoin to gain enough respectability for the FBI or Secret Service to get involved after hacks like this? If the same amount of money was stolen from a normal bank, it'd likely be covered by every news outlet.

The BBC, Ars Technica, and others covered a theft one year ago of about one-quarter this much value (when converted to USD at the time). And the FBI was involved (not that they recovered the funds or anything): http://www.bbc.co.uk/news/technology-19633980

Re: Inputs.io hacked – 4100 BTC stolen

#35

Post by at-fates-hands »

albertyw wrote: post #19

Anybody wondering how long it will take for Bitcoin to gain enough respectability for the FBI or Secret Service to get involved after hacks like this? If the same amount of money was stolen from a normal bank, it'd likely be covered by every news outlet.

Not sure about that. Also, I read somewhere that the going rate of solving bank robberies is around 75-80% and many robbers are only caught because a) they do something stupid like not wear a mask or do anything to conceal their identity, or b) continuing robbing banks until their caught.

Considering hacks like this take time and a fairly high level of sophistication, not sure the FBI would want to employ the amount of long term resources needed to hunt these guys down.

Re: Inputs.io hacked – 4100 BTC stolen

#36

Post by jamesaguilar »

Taylorious wrote: post #30

So I have seen several of these stories pop up and I am still kind of confused by them. Are these hackers actually getting "real" money at some point? Are they able to cash out these bitcoins to USD or something else in a reasonable time-frame, or do they simply have a large amount of "fake" money that they can use for very specific goods and services?

They can sell the coins on any exchange that allows them to convert it to real money. Not sure how deep the order book is so they may not be able to convert it all at once.

Re: Inputs.io hacked – 4100 BTC stolen

#37

Post by RyanZAG »

Taylorious wrote: post #30

So I have seen several of these stories pop up and I am still kind of confused by them. Are these hackers actually getting "real" money at some point? Are they able to cash out these bitcoins to USD or something else in a reasonable time-frame, or do they simply have a large amount of "fake" money that they can use for very specific goods and services?

They can certainly cash it out using a number of bitcoin to currency services. So the hacker has done the equivalent of stealing $1mil out of a bank, except a bank is very easy to trace while stealing BTC means the thief is home free.

  https://www.bitcoin.de/en?cr=1
  https://www.bitstamp.net/
  https://btc-e.com/
  https://www.bitfinex.com/
  https://localbitcoins.com/

Re: Inputs.io hacked – 4100 BTC stolen

#38

Post by clarkmoody »

M4v3R wrote: post #2

4100 BTC = 1.1 mil USD at current prices. These Bitcoins were stolen from website's "hot wallet" (every shared wallet has to operate one to process current withdrawals). This hot wallet was probably too hot though, as it seems that they had most of their coins online, and only about one third offline (other services claim to store 80-90% offline). According to postings on Bitcointalk.org forums people are getting bac…

I see what you did there[3] ;-)

Also, it's a shame that this kind of breach happens, but it seems like it's been a while since a "$COMPANY hacked X BTC stolen" headline was out there[1]. There seem to have been more of those in the past and they appear with less frequency, which is a good thing, I guess.

[1] Silk Road doesn't count toward this recollection, since it falls under the "Bitcoin $COMPANY busted by the feds" headline, which will probably happen more often in the future.

Re: Inputs.io hacked – 4100 BTC stolen

#39

Post by jamesaguilar »

drstewart wrote: post #33
Helianthus wrote: post #23

I don't know what you expected, Bitcoin enthusiasts. You bought into a system where coins could be permanently lost because you forgot a password. You bought into a system where the government cheerfully gained control of a large share of the market by simple confiscation. You have recreated money . But you aren't even good at it! You still think that simple cryptography will excuse you from the fact that you're gree…

>You bought into a system where coins could be permanently lost because you forgot a password. As opposed to a system where coins can be permanently lost because you have a hole in your pocket?

Would have to be a rather large hole to lose a million dollars through it. Would have to be about 43" wide.
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