Topic: How can a thief benefit from his thefts? (Read 211 times)
Simply they will use the decentralized exchange as soon as possible to sell their tokens and keep moving the funds by switching coin to coin on different chains so the traceability will decrease and mostly the hackers will keep the coins forever or simply cash out in the unregulated way as soon as possible before the government issues order to blacklist the address on the exchanges.
I think there are some exchanges without KYC where you can able to trade or swap tokens into privacy coins like grin coin or monero.
No one would be able to trace trace them once they trade or swap them into privacy coins.
No one would be able to trace trace them once they trade or swap them into privacy coins.
Cryptocoin laundering through an exchange that is centralized is very risky and not very advisable, I reckon. Use a decentralized exchange that swaps Bitcoin to Monero then hold everything in Monero. If the hacker does not like everything in Monero, he can also swap from Monero to Ethereum then swap them to different Defi tokens, stablecoins or buy bluechip NFTs.
I reckon hackers that want to launder stolen funds should avoid using bitcoin as the only moneylaundering mechanism because of services similar to Chainalysis and Elliptical that are scanning all of our transactions.
It's gonna be hard especially if the amount is so huge but it doesn't mean it's not possible. It could be done even if addresses and the movements of the funds are under tight surveillance. But it definitely needs a lot of ways. A combination of DExes and mixers and anonymous coins and even centralized exchanges could be explored.
This is the point that remained ambiguous after reviewing the various opinions, and it seems that it is indeed the most difficult task for the thief, even if the robbery was successful.
When the amount is large, centralized platforms will doubt the volume of transfers and look behind its owner, and of course this represents a major risk, and decentralized platforms do not have enough liquidity to make huge transfers.
The most important thing that can be concluded, Bitcoin is the most secure method due to the nature of its protocol, which facilitates the way the mixers work.
It's gonna be hard especially if the amount is so huge but it doesn't mean it's not possible. It could be done even if addresses and the movements of the funds are under tight surveillance. But it definitely needs a lot of ways. A combination of DExes and mixers and anonymous coins and even centralized exchanges could be explored.
If we look at how North Korea's Lazarus Group laundered the proceeds of the second largest crypto hack in history, it made use of different ways. Of course, much of it was laundered through the decentralized mixer Tornado Cash but there were also amounts laundered through centralized exchanges. Not only are some centralized exchanges allowing unverified users, even the KYC process could actually be cheated on in a number of ways.
If we look at how North Korea's Lazarus Group laundered the proceeds of the second largest crypto hack in history, it made use of different ways. Of course, much of it was laundered through the decentralized mixer Tornado Cash but there were also amounts laundered through centralized exchanges. Not only are some centralized exchanges allowing unverified users, even the KYC process could actually be cheated on in a number of ways.
Soon as coins sent to a mixing service the chance it being traced becomes zero. Although crypto chain analysis services are growing and improving day by day. But still i dont know if they can still traced it but i would say it is already a goner. Unless the hacked cryptocurrency is a stablecoin where it can be freeze after a sanction.
Most probably not. Mixing service users can still mess up their privacy even after mixing if they don't know what they're doing. (e.g. recombining coins in an address after mixing, etc). Hackers messed up their privacy in the past (one way or another), and it will happen again and again as long as people are careless and cocky.
I think there are some exchanges without KYC where you can able to trade or swap tokens into privacy coins like grin coin or monero.
No one would be able to trace trace them once they trade or swap them into privacy coins.
No one would be able to trace trace them once they trade or swap them into privacy coins.
Soon as coins sent to a mixing service the chance it being traced becomes zero. Although crypto chain analysis services are growing and improving day by day. But still i dont know if they can still traced it but i would say it is already a goner. Unless the hacked cryptocurrency is a stablecoin where it can be freeze after a sanction.
This is the address of the phenomenal squidgame scammer last year with the largest amount in the history of crypto fraud, all the proceeds of the scam have been sent to the mixer service. By far the mixer is probably the best way to get rid of traces as far as there is no recent news about the arrest of the person behind this project.
Of course, scammers will not spend an eye-catching amount. Maybe someday there will be more sophisticated mixing services for altcoins as privacy demands grow out there.
Of course, scammers will not spend an eye-catching amount. Maybe someday there will be more sophisticated mixing services for altcoins as privacy demands grow out there.
And are there mixers that hackers can use to complete the theft process without revealing his identity?
Mixer in general doesn't ask for customer's identity. Although thief identity could be revealed if either,
1. The mixer turned out to be honeypot.
2. The mixer has poor mixing technique which can be tracked by blockchain analysis company.
Of course, I'm not saying this from my own experience, but maybe thieves are using DEX exchanges and P2P markets?
DEX and P2P have relative small trading volume, so only small-scale theft could use DEX or P2P. I expect bigger-scale theft would try something else such as using centralized exchange with VPN and stolen identity document to pass KYC verification.
They either use current privacy solutions like mixers and coinjoin, or they can just chill a bit and wait for potentially better privacy solutions to potentially have a safer getaway(regardless if with bitcoin or ethereum). Safe to assume that some of those hackers can hodl for a bit especially if they're long-term bullish.
If it is difficult to take advantage of the tokens after discovering the hacking process and informing the sites of the address that was used to be put under surveillance, what are the chances of the success of the tokens hacking process if it can be traced? And are there mixers that hackers can use to complete the theft process without revealing his identity?
I expect that many of the hackers don't think that far. They hope they'll be able to sell before "the world" figures it out and start tracking them.
Or some may even do this to prove their skills and don't expect to get such big money, hence they have no idea/plan what to do next (and may never sell).
After the tracking is on, yep, P2P and DEX are their main choices, although I expect some smaller crypto-to-crypto exchanges may also not be strict in KYC requirements.
You will be able to sell these coins if you are smart, but it is difficult to do so without being discovered or at least knowing one of your IP addresses, as it depends on the token. To be easily sold in the central markets.
Bitcoin is the only that contains a lot of mixtures that enable you to hide your identity with minimal efforts.
Bitcoin is the only that contains a lot of mixtures that enable you to hide your identity with minimal efforts.
Remember Tornado cash?
Apparently some hackers used it to mix stolen Ether, lots of it. That's why they (tornado cash) came under the law enforcement radar and ended up getting sanctioned. Other popular avenues are those Dexes like uniswap, sushiswap etc
Apparently some hackers used it to mix stolen Ether, lots of it. That's why they (tornado cash) came under the law enforcement radar and ended up getting sanctioned. Other popular avenues are those Dexes like uniswap, sushiswap etc
Yeah, would be this. You'd probably have to use a DEX if you had tokens to get it into ETH, get the ETH into Tornado Cash and then get it from there some how into fiat or usable currency. That's the tricky part.
It's better to just not engage in these behaviors and just be a productive person though lol. I wouldn't worry too much about what these guys are doing.
Remember Tornado cash?
Apparently some hackers used it to mix stolen Ether, lots of it. That's why they (tornado cash) came under the law enforcement radar and ended up getting sanctioned. Other popular avenues are those Dexes like uniswap, sushiswap etc
Apparently some hackers used it to mix stolen Ether, lots of it. That's why they (tornado cash) came under the law enforcement radar and ended up getting sanctioned. Other popular avenues are those Dexes like uniswap, sushiswap etc
what do you think?
Are you looking for advice?
Of course, I'm not saying this from my own experience, but maybe thieves are using DEX exchanges and P2P markets? Besides, I bet there are some unregulated exchanges with dubious reputation that will be happy to accept even dirty money for their own profit.
I previously posted this topic in my local section. And today I re-post it here to get more opinions.
If it is difficult to take advantage of the tokens after discovering the hacking process and informing the sites of the address that was used to be put under surveillance, what are the chances of the success of the tokens hacking process if it can be traced? And are there mixers that hackers can use to complete the theft process without revealing his identity?
I know that this is possible with Bitcoin using many mixers, even if the amount is large. However, with other symbols of alternative currencies, it seems to me almost impossible, especially if the value of the tokens is very high, such as those amounts that are hacked from exchange platforms.
what do you think?
If it is difficult to take advantage of the tokens after discovering the hacking process and informing the sites of the address that was used to be put under surveillance, what are the chances of the success of the tokens hacking process if it can be traced? And are there mixers that hackers can use to complete the theft process without revealing his identity?
I know that this is possible with Bitcoin using many mixers, even if the amount is large. However, with other symbols of alternative currencies, it seems to me almost impossible, especially if the value of the tokens is very high, such as those amounts that are hacked from exchange platforms.
what do you think?
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