2013-10-26 forbes.com - fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulb - page 3.

notme

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Quote from: drawingthesun on October 25, 2013, 10:12:50 PM

Quote from: drawingthesun on October 25, 2013, 12:45:56 PM

They got to his main stash of Bitcoins.

http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Quote from: notme on October 25, 2013, 01:30:41 PM

Quote from: TheKoziTwo on October 25, 2013, 01:10:56 PM

http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Thanks, OP's link was disappointing Tongue

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Sorry for being offtopic, but I am not sure how my link didn't work and this one did? They are exactly the same, is this a joke on me or something? :p

Anyway, is it safe to have so much Bitcoin in one single address?

before someone fixed it, the link pointed to http://fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road

darkmule

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Quote from: DeathAndTaxes on October 25, 2013, 10:03:38 PM

Not saying it will happen but because of that the DOJ will wait for a conviction before doing anything with the seized assets.

Proceeds go to the treasury so it isn't like the FBI gets to keep the funds.

They don't need a conviction, which in a criminal case needs to be beyond a reasonable doubt. They could lose the criminal case and still win the civil forfeiture case, which is a separate legal action and they only need to win by a preponderance of the evidence in that action.

drawingthesun

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Quote from: drawingthesun on October 25, 2013, 12:45:56 PM

They got to his main stash of Bitcoins.

http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Quote from: notme on October 25, 2013, 01:30:41 PM

Quote from: TheKoziTwo on October 25, 2013, 01:10:56 PM

http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Thanks, OP's link was disappointing Tongue

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Sorry for being offtopic, but I am not sure how my link didn't work and this one did? They are exactly the same, is this a joke on me or something? :p

Anyway, is it safe to have so much Bitcoin in one single address?

DeathAndTaxes

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Gerald Davis

Quote from: notme on October 25, 2013, 01:51:26 PM

Quote from: bigasic on October 25, 2013, 01:40:31 PM

Common sense would make you think that the bitcoin community should react positive with this news. Like i said elsewhere, we are years away from them deciding the case, so those coins are not going to hit the market any time soon.... So, we know that those coins will be out of the loop for years, unless DPR strikes a deal, which I dont think is going to happen...

And in the mean time bitcoin grows, and when the FBI finally does sell them, they suddenly have a trillion dollars to spend on privacy invasion.

Technically DOJ. Forfeited assets are handled by DOJ. Right now it is evidence but after conviction it will be turned over to DOJ who handles all forms of forfeited assets yachts, planes, gold depositories, luxury goods, you name it and the feds have at one time seized and auctioned it. Until he is convicted the funds will just sit there. On the off chance he is found not guilty the first thing he lawyers would be doing is filing to have his wrongfully seized assets returned. Not saying it will happen but because of that the DOJ will wait for a conviction before doing anything with the seized assets.

Proceeds go to the treasury so it isn't like the FBI gets to keep the funds.

KenKaniff

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prophetx

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he who has the gold makes the rules

Quote from: notme on October 25, 2013, 01:51:26 PM

Quote from: bigasic on October 25, 2013, 01:40:31 PM

Common sense would make you think that the bitcoin community should react positive with this news. Like i said elsewhere, we are years away from them deciding the case, so those coins are not going to hit the market any time soon.... So, we know that those coins will be out of the loop for years, unless DPR strikes a deal, which I dont think is going to happen...

And in the mean time bitcoin grows, and when the FBI finally does sell them, they suddenly have a trillion dollars to spend on privacy invasion.

no the money goes to the treasury most likely, so it could be used to pay down the debt... lol

but most likely they will spend it on gold plated toilet seats

ninjarobot

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Mine Silent, Mine Deep

Quote from: uMMcQxCWELNzkt on October 25, 2013, 02:21:41 PM

I personally think those Bitcoins will stay in government agency accounts and probably moved around. They could even use it for propaganda, they could send it to a particular group and spread it across the media to give Bitcoin a bad rep

This. They will likely use the Bitcoins against Bitcoin.

uMMcQxCWELNzkt

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I also wonder what this means for Silk Road users also? Do silk road have any info from users? I have never even visited the site so I don't know how it worked. Cheesy

johnyj

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Beyond Imagination

This is historical moment: For the first time in modern history, government have a stash of debt free money, this time they don't need to borrow from FED Grin

(Sadly that is robbed from some people anyway Tongue

)

LiteCoinGuy

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In Satoshi I Trust

Quote from: SgtSpike on October 25, 2013, 04:12:25 PM

Quote from: LiteCoinGuy on October 25, 2013, 02:55:36 PM

Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

he told them the password and now he will be less years in prison.

Exactly this.

When you're looking at life in prison, what good does $25M do you? Better to give up the money and still have some of your life left to live outside of prison walls.

most likely thats the case.

no password: 50 years.
with password: 10 years.

he will also tell "everything" about silk road. how it has worked, secrets behind it etc etc...

SPC_Bitcoin

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Coffee makes it all better!

I have a couple questions re: reading the blockchain....

1. it looks like several hundred wallet addresses / accounts were emptied into the 1fmb account, click on any "from" address at random, look at a few of them, I see anywhere between 4-10 BTC in each account. What is the purpose of this?

2. if they were in fact DPR's coins, why would he put them in so many small accounts, and how could the fedz get that many wallets & passwords?

3. the addresses to the left of a green arrow are "from" and to the right is the "deposit" how do you deposit from multiple addresses? or is this just how they got hashed? (I don't know a better way to ask this question) never saw a "how to read the blockchain" instructions.

thanks. be nice, don't flame.

SgtSpike

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Quote from: LiteCoinGuy on October 25, 2013, 02:55:36 PM

Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

he told them the password and now he will be less years in prison.

Exactly this.

When you're looking at life in prison, what good does $25M do you? Better to give up the money and still have some of your life left to live outside of prison walls.

darkmule

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Quote from: LiteCoinGuy on October 25, 2013, 02:55:36 PM

Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

he told them the password and now he will be less years in prison.

Unless he's an idiot and didn't get a binding deal of some sort.

inform

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Quote from: drawingthesun on October 25, 2013, 12:45:56 PM

They got to his main stash of Bitcoins.

http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

And this is the address they have moved them too, now the largest single address on the network!

https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH

This Fresh News?
show in tv 3 or 4 week ago

Today is 25.10.2013

Month agop this be Actual

Roll Eyes

Why you sleep

Wont surprize our scene but you to late Grin

Ok but thanx you for this information interest

LiteCoinGuy

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In Satoshi I Trust

Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

he told them the password and now he will be less years in prison.

Tirapon

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Quote from: bitcool on October 25, 2013, 01:01:52 PM

So now US government owns the largest single address on the network, it becomes more interesting...

So... The FBI is now one of the largest holders of BTC. DPR's trial is likely to last several years, and the seized BTC can't be sold until the trial is over? In the meantime, if BTC were to be outlawed, those BTC would likely crash in value before they get a chance to sell. Or if BTC continues to grow, that 25 million dollars could potentially look more like 250 million, or maybe even 2.5 billion?

Yes, this has definitely become much more interesting...

notme

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Quote from: uMMcQxCWELNzkt on October 25, 2013, 02:35:52 PM

Quote from: notme on October 25, 2013, 02:27:49 PM

Quote from: uMMcQxCWELNzkt on October 25, 2013, 02:21:41 PM

Quote from: notme on October 25, 2013, 01:51:26 PM

Quote from: bigasic on October 25, 2013, 01:40:31 PM

Common sense would make you think that the bitcoin community should react positive with this news. Like i said elsewhere, we are years away from them deciding the case, so those coins are not going to hit the market any time soon.... So, we know that those coins will be out of the loop for years, unless DPR strikes a deal, which I dont think is going to happen...

And in the mean time bitcoin grows, and when the FBI finally does sell them, they suddenly have a trillion dollars to spend on privacy invasion.

They don't need Bitcoin money for that. I personally think those Bitcoins will stay in government agency accounts and probably moved around. They could even use it for propaganda, they could send it to a particular group and spread it across the media to give Bitcoin a bad rep, without relinquishing control over their holdings. What we know about the state of internet privacy is the equivalent of the military announcing their "new" tech, something built years before and kept secret. They are always a good few years ahead in most technology.

LOL... I did an internship with the FBI.... just LOL.

You must be hired to spread propaganda then. Notme is a shill! Tongue

Nope. They offered me a job, but I failed to get clearance since I was too honest about using drugs during college. Most people I did them with have clearance and government jobs, but I'm not going to lie just to get a job.

Puppet

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Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

- keylogger installed on his PC
- DPR reused a password from somewhere else (perhaps with a changed number or something that could easily be bruteforced if you know the other pw)
- DPR handed over the key for whatever reason

Note that if this was a cold wallet, stored offline, he might not have been all that concerned with the strength of the wallet pw. Its even conceivable the (offline) wallet was generated with an old version of bitcoinqt that had a flaw that made decrypting it relatively easy. IIRC.

TraderTimm

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This is good news for Bitcoin, overall.

If they auction/sell - we get a firesale and all those whiners that start alt-coins because they missed the boat years ago can finally put a sock in it.

If they hold them forever - less in circulation boosts everyone's value, and the subsequent news of this seizure proves Bitcoin has value. After all, why seize something that is worthless? Thanks for the vote of confidence, FBI!

HeliKopterBen

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Quote from: notme on October 25, 2013, 02:19:52 PM

Quote from: Arvicco on October 25, 2013, 02:17:00 PM

Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...

Likely this:

Good answer Grin

Topic: 2013-10-26 forbes.com - fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulb - page 3. (Read 5047 times)