[2019-01-20]South African Police Arrest Two Kidnappers Who Asked For Ransom in B

Slow death

legendary

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Quote from: ppblockchain on January 20, 2019, 03:39:40 AM

many governments and personalities use this argument to object to mass adoption.

For many governments that like to control their people and do not want their people to be free to make their own choices respecting the law, they use these arguments that bitcoin will be used for crime, but they forget that the biggest criminals are these governments, who do not want to let their people be free to make their own choices. In my country the laws are approved only to benefit the corrupt politicians who are in government and in many countries it has been this practice. Bitcoin will have to face many obstacles to having a mass adoption

ranman09

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Quote from: BitHodler on January 21, 2019, 03:08:29 PM

as long as the hackers don't touch anything that's centralized, there isn't much that can be done against them, so it's pretty much a waiting game.

Agreed, it's funny that they thought it will be easy for them to get out with that large amount of money. They are so into the feed that bitcoin's anonymity can protect them. Well, it can if they know what they are doing. It needs a more technical approach. Well, I'm happy for they got caught. Agreed in the news that this somehow will affect bitcoin.

BitHodler

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Quote from: Kakmakr on January 21, 2019, 02:55:14 AM

This is news to me, because I have yet to see any of the coins being recovered from 100s of Bitcoin exchanges and services that got hacked in the past. One possible reason why these people were caught, might have been that they used fiat conversion services that helped to identify their true identity.

One way or another, the main purpose of these criminals is to convert back to fiat. If you manage to partner with as many exchanges and services as possible, you gain a massive advantage over these criminals.

The goal is to make these criminals have less options to sell their coins at, and whenever they sell these coins through the OTC market, the innocent people buying them will have some explaining to do at some later point....

As for the coins coming from exchange hacks, as long as the hackers don't touch anything that's centralized, there isn't much that can be done against them, so it's pretty much a waiting game.

1Referee

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Quote from: Kakmakr on January 21, 2019, 02:55:14 AM

The moral of the story is, if you do not understand the technology, do not use it for crime. I am glad that these people were caught and I hope the authorities will make an example of them in the court. Angry

It's funny actually, because these imbeciles asking for Bitcoin ransom very likely have followed the drivel coming from mainstream news outlets pointing out how Bitcoin's anonymity is a safe haven for criminals.

They probably expected a sweet payday, but got something else as result of their stupidity. I wouldn't even count on XMR's or other privacy coin's anonymity to help me out. People thinking to outsmart agencies pumping millions in research and development of tools to figure out what's happening on the crypto networks will pay the price for it.

You can't escape if you or whoever else controlling these tainted coins will deposit them on whatever centralized service, that's how people quite often get busted.

Kakmakr

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Quote from: ppblockchain on January 20, 2019, 03:39:40 AM

United Nations Chief of Cybercrime has stated that transactions like these are traceable

This is news to me, because I have yet to see any of the coins being recovered from 100s of Bitcoin exchanges and services that got hacked in the past. One possible reason why these people were caught, might have been that they used fiat conversion services that helped to identify their true identity.

The moral of the story is, if you do not understand the technology, do not use it for crime. I am glad that these people were caught and I hope the authorities will make an example of them in the court. Angry

buwaytress

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Listen to the UN chief honcho, guys. If you don't want to be traced, don't use Bitcoin. Just goes to show people, including the bad guys, still got a hell lot to learn about DLT. These sort of cases are a huge advertisement for enforcement - if you're a bad guy wanting to ransom/kidnap/blackmail and even dark markets, they might as well give out their names and addresses if they're asking for payments only in Bitcoin. Thought the Silk Road, Alpha, Hansa, were all lessons enough for them.

Fact, the only reason the Wannacry guys haven't been caught yet is they've only managed to get a few people to cough up. What was the count before? several thousand dollars? At BTC price today too, paltry sum.

ppblockchain

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Mpumalanga police in South Africa recently arrested two men alleged to be responsible for the kidnapping of a teenager boy in Witbank City and a 13-year-old girl in Witbank.

According to the police, the kidnapping team asked the victims’ relatives for a reward in Bitcoin in exchange for the young victims’ lives. The use of crypto is seen by many as a mechanism to achieve a certain level of anonymity in these types of transactions, and although the United Nations Chief of Cybercrime has stated that transactions like these are traceable and the Interpol has stated that criminal use of cryptos is minimal when compared to fiat money, many governments and personalities use this argument to object to mass adoption.

Read more : https://paperblockchain.com/south-african-police-arrest-two-kidnappers-who-asked-for-ransom-in-bitcoin/

Topic: [2019-01-20]South African Police Arrest Two Kidnappers Who Asked For Ransom in B (Read 163 times)