It says in the news that the man is sentenced to 5 years "over laundering". I wonder if laundering is his only case or is it a separate crime from the theft or hack itself? Because if it's the latter, it's possible there will be a different sentence for his other crime, right?
However, even if it's all that the criminal gets, it still isn't worth it. The money will be seized from him. All his properties, investments, and whatnot will be put into strict scrutiny, most of which might also be confiscated. Even the properties acquired by his family and close friends might also be investigated. And even if he's hidden a portion somewhere, he'd still be closely monitored for his spending after he gets out from prison. He might not really enjoy them.
Topic: Bitfinex Hacker of 120,000 Bitcoin Sentenced to 5 Years in Prison - page 2. (Read 333 times)
November 15, 2024, 04:32:37 AM
November 15, 2024, 03:19:54 AM
During the hack, the stolen Bitcoin was valued at $71 million, but by the time of the arrest, its value had skyrocketed to $4.5 billion according to report. That’s an insane amount of money... A significant portion of the stolen Bitcoin was seized by the U.S. government, marking the largest financial seizure in the history of the U.S. Department of Justice.
I believe that the severity of the hack, will be counted as value of the stolen fund on a hack day, not many years later. The sentence seems to be light, in your opinion, but I think it's logic because the sentence can not be made as it is a hack of $4.5B with prices of Bitcoin in 2024. If the judge does it, it is terrible because you can not say spending 1 bitcoin in 2017 with price is about $1,000 (early of 2017) is the same as spending 1 bitcoin in late of 2024 with price of 1 bitcoin is above $90,000.Hacked Exchanges since 2011.
Report on Cryptocurrency exchange hacks.
November 15, 2024, 01:53:24 AM
It’s crazy how much Bitcoin they managed to hack, but we know when the government gets involved, it’s tough to escape. Still, the sentence of just 5 years in prison seems pretty light. If that’s the case, some might see it as worth the risk, imagine hacking $100 million and spending only 5 years in jail. That’s like earning $20 million a year behind bars! 
It was actually supposed to be 20 years but the one who stole all these bitcoin seems to be a genius and has promised to help authorities with crybercrime. He has helped the government in some of criminal cases since he was caught. The prosecutors hope to help him get to a rehabilitation and instead use his skills for the better. There are many geniuses out there but unfortunately, they decide to use it for things like this. I do not know what the government is thinking though. I would be uneasy to let a convicted criminal run my criminal cases just because he is good. For all we know, he can just fool the authorities and suddenly escape. But then again, if he were smart enough, he will see that 5 years serving time is a lot better than a life where you need to keep hiding and running away. Risky move from the government but if it meant that they now have a very skilled individual helping them then I guess it pays off.
November 15, 2024, 01:20:08 AM
@Phrutis will be next, now he try and already hack many wallet.dat with thousands of btc.Say hi to FBI Phrutis 
November 14, 2024, 11:57:31 PM
So, only part of the stolen amount was recovered, which means they spent millions before getting caught. But here’s the question: why would the government keep the recovered Bitcoin? Shouldn’t it be returned to Bitfinex?
Bitfinex is still one of the largest crypto exchanges, not top 10 anymore, but it still handles a significant volume. This exchange has been hacked twice, and the last one was the biggest. The 94,000 Bitcoin recovered in 2022 was valued at $3.6 billion back then, and at today’s price, it’s over $8 billion, massive! Out of the 120,000 stolen, that leaves 26,000 Bitcoin unaccounted for. Let’s say they spent 20,000 and stashed the remaining 6,000 in an untraceable wallet...that’s still over $500 million.
Honestly, serving 5 years in prison might not seem so bad for them, knowing they’ve got half a billion waiting.
Bitfinex is still one of the largest crypto exchanges, not top 10 anymore, but it still handles a significant volume. This exchange has been hacked twice, and the last one was the biggest. The 94,000 Bitcoin recovered in 2022 was valued at $3.6 billion back then, and at today’s price, it’s over $8 billion, massive! Out of the 120,000 stolen, that leaves 26,000 Bitcoin unaccounted for. Let’s say they spent 20,000 and stashed the remaining 6,000 in an untraceable wallet...that’s still over $500 million.
Honestly, serving 5 years in prison might not seem so bad for them, knowing they’ve got half a billion waiting.
November 14, 2024, 10:49:09 PM
During the hack, the stolen Bitcoin was valued at $71 million, but by the time of the arrest, its value had skyrocketed to $4.5 billion according to report. That’s an insane amount of money... A significant portion of the stolen Bitcoin was seized by the U.S. government, marking the largest financial seizure in the history of the U.S. Department of Justice.
It’s crazy how much Bitcoin they managed to hack, but we know when the government gets involved, it’s tough to escape. Still, the sentence of just 5 years in prison seems pretty light. If that’s the case, some might see it as worth the risk, imagine hacking $100 million and spending only 5 years in jail. That’s like earning $20 million a year behind bars!
You should check out the full story for all the details...
https://www.reuters.com/technology/us-man-sentenced-5-years-over-laundering-crypto-stolen-bitfinex-hack-2024-11-14/
It’s crazy how much Bitcoin they managed to hack, but we know when the government gets involved, it’s tough to escape. Still, the sentence of just 5 years in prison seems pretty light. If that’s the case, some might see it as worth the risk, imagine hacking $100 million and spending only 5 years in jail. That’s like earning $20 million a year behind bars!
You should check out the full story for all the details...
https://www.reuters.com/technology/us-man-sentenced-5-years-over-laundering-crypto-stolen-bitfinex-hack-2024-11-14/
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