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That's an interesting angle to cash out... just start sending to 1,000s of addresses - who's to say which addresses are owned by the criminals, and which are owned by other people? They'd get less than cashing it all out themselves obviously, but it would take forever to unravel what actually happened (if possible ever)
This is essentially what a tumbler does
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If someone pays you in cash, do you really look up the serial numbers of all the bills you receive?
This isn't so far fetched. Cash registers already have Internet connections and can be outfitted with cameras to record all bills going in, except maybe those inserted in a stack. And ATMs might already be recording serial numbers of dispensed bills. Essentially they might/could do with currency what they do with license plates, which is track where everything goes and at what times.
Here’s an interesting question — if you receive BTC from one of these addresses as payment for something, do you refuse it? You know it’s stolen and you might worry someone else who you might pay in the future would be able to track down that it’s stolen, so do you ask for “clean” BTC that isn’t linked to known theft? I don’t necessarily know the answer here. This is something that you can’t do with paper bills
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It's possible to swap into monero without using any KYC exchange, but that requires liquidity. So it could take years.
> swap into monero without using any KYC exchange How? Links on this being done?
Funds like this can be frozen when 51% of mining pools start censoring transactions. Pools are now beginning to do this. I expect there will be a lot of BTC like this that starts to realise they need to be trying to dump it / escape into monero as quickly as they can
Here’s an interesting question — if you receive BTC from one of these addresses as payment for something, do you refuse it? You know it’s stolen and you might worry someone else who you might pay in the future would be able to track down that it’s stolen, so do you ask for “clean” BTC that isn’t linked to known theft? I don’t necessarily know the answer here. This is something that you can’t do with paper bills
Can one even refuse it? If someone just sends tainted coin to my address, am I screwed?
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That's an interesting angle to cash out... just start sending to 1,000s of addresses - who's to say which addresses are owned by the criminals, and which are owned by other people? They'd get less than cashing it all out themselves obviously, but it would take forever to unravel what actually happened (if possible ever)
You could use also do that to embarrass/blackmail politicians or other prominent people. Imagine the threat "You either do what I want or I'll send you 1 million dollars" :)
They are probably waiting for the Statute of Limitations to expire. For wire fraud that is 10 years.
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Can one even refuse it? If someone just sends tainted coin to my address, am I screwed?
What's wrong with simply returning it? Any "tainted coin tracker" could easily build in a mechanism for detecting that