FBI: Cyber Crime Syndicate Founder "Medvedev" Worth $800,000,000 in Bitcoin - page 2.

First77

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Activity: 266

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Quote from: QuestionAuthority on February 15, 2018, 02:37:59 AM

What would happen if the Thai police decide to confiscate the btc and liquidate them. How quickly could you sell 100k btc and where would you sell them?

Police might destroy those 100,000 Bitcoins. Police burns/destroys tigers, lions, elephants, rhinos bones and skins when they can earn multi-million dollars.

$400,000,000 worth of drugs are set on fire by police at one go.

Carlsen

hero member

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The really interesting question for me would be what happened to the coins.
In a best case scenario the coins are hidden in some wallets and will never survace again.
That would mean the 100K less bitcoins criculating, so less supply so higher price for the rest.

boboking

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Quote from: VitKoyn on February 15, 2018, 02:29:58 AM

Quote from: First77 on February 14, 2018, 06:40:42 PM

FBI Claims Cyber Crime Syndicate Founder Medvedev Was Worth $800,000,000+ in Bitcoins

https://news.bitcoin.com

I have read this news earlier and I wonder what the authorities will do with those Bitcoins that they got from this man, because it is a huge amount (100,000 Bitcoins) that it can affect the price of Bitcoin if they will dump/sell it to exchanges, maybe they can just auction it part by part?. Anyway this kind of people who are doing illegal things (hacking, selling drugs, etc) in the web or online and use Bitcoin are the plague in cryptocurrency space and I also found out that the FBI had been tracking this man for two years. It was good that he gets caught this time.

Unlike cash they can just dump it in the evidence room but in this case there should be a wallet either it is hardware,desktop, laptop or a mobile gadget. That will be put into the evidence. Since it is in the web i do know they can be recover the coins on another gadget or perhaps send it to another wallet. I wonder how will FBI keep this bitcoin to evidence?

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

What would happen if the Thai police decide to confiscate the btc and liquidate them. How quickly could you sell 100k btc and where would you sell them?

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: First77 on February 14, 2018, 06:40:42 PM

FBI Claims Cyber Crime Syndicate Founder Medvedev Was Worth $800,000,000+ in Bitcoins

https://news.bitcoin.com

I have read this news earlier and I wonder what the authorities will do with those Bitcoins that they got from this man, because it is a huge amount (100,000 Bitcoins) that it can affect the price of Bitcoin if they will dump/sell it to exchanges, maybe they can just auction it part by part?. Anyway this kind of people who are doing illegal things (hacking, selling drugs, etc) in the web or online and use Bitcoin are the plague in cryptocurrency space and I also found out that the FBI had been tracking this man for two years. It was good that he gets caught this time.

First77

member

Activity: 266

Merit: 32

Quote from: stompix on February 15, 2018, 12:20:41 AM

You don't make 800 millions selling "products", only if those products are credits cards but even so...probably most of those bitcoins where acquired when BTC was below 1000, and even in this case...80 millions? The entire SR bust was 10 times below that.

$1,000,000,000 can do lots of serious crimes

Nkan25

newbie

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The government situation in Thailand would lead me to speculate that the Thai government is probably going to keep those Bitcoins for themselves. I think its good that it cleans up the image of Bitcoin for institutional investors. Cash has been laundered and same with tech and commodities, hopefully, this just shows that Bitcoin is used the same way and that there are some controls. It still doesn't take away its decentralized application.

stompix

legendary

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Blackjack.fun

Quote from: jseverson on February 14, 2018, 10:30:47 PM

Here's the proper link to the article:

https://news.bitcoin.com/fbi-claims-arrested-cyber-crime-syndicate-co-founder-medvedev-worth-800m-in-btc/

Looks like the arrest was made by Thailand authorities with cooperation of the FBI. It would be interesting to see whether the authorities can take custody of the coins, and how they'll split it. It could affect whether future regulations would treat Bitcoin as a currency or an asset.

I wouldn't be against having those coins lost forever either. 100k Bitcoins entering the market would certainly cause a splash, likely in a negative way.

Hmm, what was this guy doing with that amount of money?

Quote

CSD investigators have claimed that Mr. Medvedev was trading illegal products online in exchange for bitcoin.

You don't make 800 millions selling "products", only if those products are credits cards but even so...probably most of those bitcoins where acquired when BTC was below 1000, and even in this case...80 millions?
The entire SR bust was 10 times below that.

And speaking of auctioning coins, I checked the dates and it seems it took them almost a year to auction those coins in the SR case.
Now, these coins were actually seized abroad it will probably take a lot longer, if the FBI has them
But I doubt the Thai authorities won't ask for their share if not for all...
What a mess!!!!

jseverson

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Merit: 759

Here's the proper link to the article:

https://news.bitcoin.com/fbi-claims-arrested-cyber-crime-syndicate-co-founder-medvedev-worth-800m-in-btc/

Looks like the arrest was made by Thailand authorities with cooperation of the FBI. It would be interesting to see whether the authorities can take custody of the coins, and how they'll split it. It could affect whether future regulations would treat Bitcoin as a currency or an asset.

I wouldn't be against having those coins lost forever either. 100k Bitcoins entering the market would certainly cause a splash, likely in a negative way.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Scam artists can be found in any kind of industry and Bitcoin or cryptocurrency for that matter is not an exemption definitely. In fact, scammers find cryptocurrency to be their new haven as it is easier to fool people with the enticement that cryptocurrency is new and amazingly profitable. It is time that there must be a way to minimize scams. It is time that we use the very thing we are promoting --the blockchain technology -- to stop these people from victimizing innocent people. It is not actually the fault of Bitcoin but the fault of these people whose intention is just to grab money out of people's purses promising that they can get to the paradise if we join their shenanigans. This Medvedev has became famous because of his surprisingly hit program online which is just actually a ponzi.

First77

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FBI coming to Bitcoin Huh

First77

member

Activity: 266

Merit: 32

FBI Claims Cyber Crime Syndicate Founder Medvedev Was Worth $800,000,000+ in Bitcoins

https://news.bitcoin.com

Topic: FBI: Cyber Crime Syndicate Founder "Medvedev" Worth $800,000,000 in Bitcoin - page 2. (Read 279 times)