Hackers Steal $70M in Bitcoin
time.com
Hackers Steal $70M in Bitcoin
1–10 of 80 posts
Re: Hackers Steal $70M in Bitcoin
#2Shouldn't a pool keep just enough funds on hand to pay out? This sounds like an inside job.
Re: Hackers Steal $70M in Bitcoin
#3[deleted]
Re: Hackers Steal $70M in Bitcoin
#4Can someone explain how is it possible to steal Bitcoin if every transaction is recorded in a public ledger? Does not every bitcoin have its own signature which allows you to track its movement? New to this.
Re: Hackers Steal $70M in Bitcoin
#5Can someone explain how is it possible to steal Bitcoin if every transaction is recorded in a public ledger? Does not every bitcoin have its own signature which allows you to track its movement? New to this.
Sure, and you can see that it has been stolen.
Re: Hackers Steal $70M in Bitcoin
#6Can someone explain how is it possible to steal Bitcoin if every transaction is recorded in a public ledger? Does not every bitcoin have its own signature which allows you to track its movement? New to this.
Sure, and you can see that it has been stolen.
Yep, the real challenge now is how to spend it all without getting caught!
Re: Hackers Steal $70M in Bitcoin
#7It's like MMORPG currency only more imaginary.
Re: Hackers Steal $70M in Bitcoin
#8Earlier quoted context omitted.
Sure, and you can see that it has been stolen.
Yep, the real challenge now is how to spend it all without getting caught!
This is what I don't understand. If you can watch every transaction, is the key to successfully getting away with theft the ability to withdraw funds without being detected?
Re: Hackers Steal $70M in Bitcoin
#9Can someone explain how is it possible to steal Bitcoin if every transaction is recorded in a public ledger? Does not every bitcoin have its own signature which allows you to track its movement? New to this.
The problem is that the individual coins aren't tagged. It's not like cash where you could conceivably note the serial numbers of all the bills that were stolen. You can track the theft and see where the coins got sent, then see where those wallets sent additional coins, etc., but they'll soon get mixed up with legitimate coins (especially if the thief uses a mixer) and you won't be able to know which is which.
It would be possible to fork Bitcoin to reject the transactions used in the theft, thereby restoring the funds. This is what Ethereum did for the DAO hack. But so far, the Bitcoin community hasn't shown a willingness to do this.
Re: Hackers Steal $70M in Bitcoin
#10Earlier quoted context omitted.
Yep, the real challenge now is how to spend it all without getting caught!
This is what I don't understand. If you can watch every transaction, is the key to successfully getting away with theft the ability to withdraw funds without being detected?
You can just pass it through mixers to anonymize it.
Input 1,000 different peoples coins, output any one of their coins one at a time. There's no way to know whose coins are coming out the other side.