If the FBI wallet with 141,000 bitcoins was stolen what would happen? :o - page 2.

k@suy

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Quote from: poodle63 on March 10, 2021, 04:57:30 AM

the thief defintely gonna be the center of attention for real, thought I very much doubt any people could steal it since it's the FBI we are talking about
but maybe that guy gonna seek refuuge in a third world countries where law enforcement is kinda law.
FBI on the other hand definitely not let this case down the drain, and gonna be a phenomenal too in many of medias.

The thief should think twice if he would going to push it through or not because FBI will definitely hunt him and the mere fact also that tracing transactions via online will be easily traced. Hence, what i am really imposing was the impossibility that FBI wallet could be hacked because i do believ le that they have their own kind of IT supports, a well enhanced skills worker working on to make a well secured cyber security to prevent their wallet from hacking and i am also doubting if do FBI really had a 141 000 BTC owned??

Lorence.xD

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Quote from: TopTort777 on March 10, 2021, 10:53:38 AM

If even someone manages to steal these 141k bitcoins, first he wont even realise he is stealing from FBI. Doubt that these addresses are marked somehow, or are known to public. Or something thinks that FBI wallet addresses starts with 1FBI.... or bc1FBI....3FBI... ? Cheesy

Second - FBI wont make this official. Community wont even know that FBI got robbed.

That someone that is going to steal the bitcoin will know that he/she is stealing from FBI because the only logical place that you would put those wallets containing the bitcoin is the evidence room of the FBI. Well, not disclosing the robbery to the public will help with the investigation in a way that the culprit is going to think that he/she got away with the heist which makes them lower their guard and make a sloppy decision which could end up getting themselves caught.

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Quote from: poodle63 on March 10, 2021, 04:57:30 AM

the thief defintely gonna be the center of attention for real, thought I very much doubt any people could steal it since it's the FBI we are talking about
but maybe that guy gonna seek refuuge in a third world countries where law enforcement is kinda law.
FBI on the other hand definitely not let this case down the drain, and gonna be a phenomenal too in many of medias.

Even if you are someone who is capable of hacking FBI and getting that money, like as in if you had that talent if you want to, there is the fact that you just stole 141k bitcoins from the FBI fact, it would mean that you would have to be on the run forever because these type of huge organizations always leaves at least one officer looking for you with all their power, and this is forever, on the early days there will be dozens of people looking for you, basically you can't even breath with ease until your last breath, that is why it makes no sense to do something like this.

Not because it is not ethical or anything, FBI is not ethical to begin with, I hope their money is stolen from them, that would be better for the world if that money is not at the hands of FBI, but even with that we are talking about something that would make you wanted forever, I think no person would take that risk.

adaseb

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Most coins which are stolen from a large hack are rarely sold for fiat, reason being that its just way too easy to trace and you can easily get caught that way. Remember when ETH got hacked and ETC was created. A little while later that hacker sent the funds to Shapeshift and managed to sell a little but eventually they blocked his addresses.

Same with the other hacks. Remember Bitfinex hack? They move very little coins here and there but eventually most of the stolen coins are just sitting somewhere doing nothing. They are waiting for some type of upgrade that would bring privacy to bitcoin transaction and maybe then they will move the coins.

TopTort777

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If even someone manages to steal these 141k bitcoins, first he wont even realise he is stealing from FBI. Doubt that these addresses are marked somehow, or are known to public. Or something thinks that FBI wallet addresses starts with 1FBI.... or bc1FBI....3FBI... ? Cheesy

Second - FBI wont make this official. Community wont even know that FBI got robbed.

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Quote from: poodle63 on March 10, 2021, 04:57:30 AM

the thief defintely gonna be the center of attention for real, thought I very much doubt any people could steal it since it's the FBI we are talking about
but maybe that guy gonna seek refuuge in a third world countries where law enforcement is kinda law.
FBI on the other hand definitely not let this case down the drain, and gonna be a phenomenal too in many of medias.

As long as that thief can hide his identity, he will not get attention from the public, and maybe he can use that funds for himself. That will not be an easy task for the thief to steal that funds because the FBI will not let anyone close to that funds, and they will take care with full power. So the thief needs a high-skills to steal that funds, and they can hope that they can succeed.

bryant.coleman

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Quote from: Wilhelm on March 09, 2021, 04:20:34 AM

Dump it to the wallet of someone you don’t like and watch them get hunted down Grin

Yeah.. as if the FBI is full of retarded people who can't track down all the transactions and understand the intention behind it. If you move your stolen coins, you will be moving them to a fresh wallet which can't be traced back to anyone. If you transfer your coins to a known wallet, then it will immediately raise red flags. In the end, not only you will lose those coins, but you will be tracked down and thrown to some dark prison cell for the remainder of your life (ask Ross Ulbricht or Blake Benthall how they're feeling right now).

Reatim

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Quote from: sunofnight on March 07, 2021, 04:14:37 PM

There are thousands of bitcoins in the hands of the FBI, how they securely store bitcoin?

At the current price it's worth more than 7 billion dollars!! Shocked

If the FBI wallet with 141,000 bitcoins was stolen what do you think would happen with the bitcoin price?

https://www.blockchain.com/btc/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP

I'm sure there are many looking for a chance in doing this targeting the FBI Holdings of crypto not only Bitcoin.
But the problem is how day can do ? are they capable enough or the FBI is fool enough to be hacked?
but if this happens i'm sure this is one of the Best headlights that will comes to news because one of the safest establishments in the world will be victimized by hackers.

Quote from: Renampun on March 09, 2021, 11:30:02 AM

*sorry if I missed something but is it really the Bitcoin FBI wallet...
I see the number is very large, the final balance value is $7,646,519,732.43. if true then they are likely selling the 'caught' bitcoins and depositing the money into the country.

Yes they can but there is a process needs to be done , because if none then surely it has been sold .

Or maybe the American Government is considering those amount as their Bitcoin Holding ?
Who knows ...!!!!

RealMalatesta

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Quote from: STT on March 08, 2021, 06:30:03 PM

Short answer is it doesn't matter, 7bn isnt enough any more. However it matters in terms of news and perception to the idea of security and reliability that BTC offers, people wont doubt FBI before they doubt crypto though its well known that human error is the most common computer problem. I always argue in favour of usability but thats how it is anyhow.
The only effect from a wallet compromise like this is change in liquidity and presumably the coins all get released immediately and sold which means a possible blip lower but overall its not important

That's the greatest thing about this increase, 7 141k bitcoins sold would have destroyed the market just a year ago, today it would hurt us like a correction but we would recover within a month and companies would buy all of that if they were offered with just a bit of a discount. Tell people that you will sell it for 40k and it will be gone within an hour, all bought up, so the price will not go down too much, maybe towards 40k at worst case but that's it, we were 43k just 2 weeks ago and now we are way over 50k once again getting closer to all time high price again.

So, that shows the world that we are doing fine and if this money was stolen somehow (stealing from FBI seems as unreasonable move as it gets) it would basically mean that we would have one bad correction for few weeks and be back on top again, that is why the current situation we are in is awesome.

poodle63

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the thief defintely gonna be the center of attention for real, thought I very much doubt any people could steal it since it's the FBI we are talking about
but maybe that guy gonna seek refuuge in a third world countries where law enforcement is kinda law.
FBI on the other hand definitely not let this case down the drain, and gonna be a phenomenal too in many of medias.

LUCKMCFLY

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Quote from: sunofnight on March 07, 2021, 04:14:37 PM

There are thousands of bitcoins in the hands of the FBI, how they securely store bitcoin?

At the current price it's worth more than 7 billion dollars!! Shocked

If the FBI wallet with 141,000 bitcoins was stolen what do you think would happen with the bitcoin price?

https://www.blockchain.com/btc/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP

I think that if that amount of Bitcoins were stolen they would start to sell little by little, if they make a massive sale it would not only lower the market a little, but it would be very easy to track and reach the thieves. If you use a mixer it would be the only way they could mislead, however they would use the deepweb also with exchanges that do not request KYC or they would use monero.

I think that the encryption for the private keys of these wallets must have many owners who give authorization, it should not be in the hands of a single person, it is really difficult for them to be robbed, it is not impossible, but it is very difficult.

Dave1

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Quote from: Wilhelm on March 09, 2021, 11:38:07 AM

Quote from: Renampun on March 09, 2021, 11:30:02 AM

*sorry if I missed something but is it really the Bitcoin FBI wallet...
I see the number is very large, the final balance value is $7,646,519,732.43. if true then they are likely selling the 'caught' bitcoins and depositing the money into the country.

I remember years ago they auctioned off confiscated coins. You could buy them at a mild discount if you took the lot...

That was with the silk road bust...

And I think FBI and other countries are still doing some auctioned of confiscated bitcoins.

And that's how some of the biggest name in bitcoin today got their tons of bitcoins, from buying at a discounted price after the silk road bust, if I'm not mistaken.

Wilhelm

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Quote from: Renampun on March 09, 2021, 11:30:02 AM

*sorry if I missed something but is it really the Bitcoin FBI wallet...
I see the number is very large, the final balance value is $7,646,519,732.43. if true then they are likely selling the 'caught' bitcoins and depositing the money into the country.

I remember years ago they auctioned off confiscated coins. You could buy them at a mild discount if you took the lot...

That was with the silk road bust...

Renampun

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*sorry if I missed something but is it really the Bitcoin FBI wallet...
I see the number is very large, the final balance value is $7,646,519,732.43. if true then they are likely selling the 'caught' bitcoins and depositing the money into the country.

btc78

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Quote from: sunofnight on March 07, 2021, 04:14:37 PM

There are thousands of bitcoins in the hands of the FBI, how they securely store bitcoin?

At the current price it's worth more than 7 billion dollars!! Shocked

If the FBI wallet with 141,000 bitcoins was stolen what do you think would happen with the bitcoin price?

https://www.blockchain.com/btc/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP

I'm sure that is in their offline wallet and being saved in ledger as FBI is known for their expertise so they will never risk in places where this is vulnerable in hackers.

This is How secure keeping in FBI storage so i know there is no chance it can be hacked.

But if given it would happen ? then those hackers have their End of life.

shoreno

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Quote from: ?? on ??

Is it true though FBI owned that much coins?

fbi are tracking down hackers , scamers , criminals that involved in btc so its not surprising if they collected that amount but the amount can be higher than that now that btc is now popular and stealing incidents of btc are now rampant .

Quote from: ?? on ??

however regardless whether this news is true or not but if any hacker happens to be able to steal that coin then the hacker will be hunted down by the FBI or even worse the whole US goverment since it's not some measly amount.
I could imagine that hacker gonna have a lot of money but can't even cash out or living a hellish life because hunted LOL.

its true like i said earlier but if robbers dont hack the btc of fbi and target normal users instead , they are still going to get tracked down by fbi . like other robbers , they can cash out and enjoy a decent life for a while but they may caught out to soon and cant enjoy all the money that they steal

Wilhelm

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Quote from: ?? on ??

Is it true though FBI owned that much coins? however regardless whether this news is true or not but if any hacker happens to be able to steal that coin then the hacker will be hunted down by the FBI or even worse the whole US goverment since it's not some measly amount.
I could imagine that hacker gonna have a lot of money but can't even cash out or living a hellish life because hunted LOL.

Dump it to the wallet of someone you don’t like and watch them get hunted down Grin

roosbit

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Quote from: sunofnight on March 07, 2021, 04:14:37 PM

There are thousands of bitcoins in the hands of the FBI, how they securely store bitcoin?

Being among the holders of the biggest bitcoin stash I know they don't hold these coins on a centralized bitcoin wallet like the bitcoin.com wallet, this has to be a cold wallet away from prying eyes and most importantly away from hackers playing field.

Quote from: sunofnight on March 07, 2021, 04:14:37 PM

At the current price it's worth more than 7 billion dollars!! Shocked

If the FBI wallet with 141,000 bitcoins was stolen what do you think would happen with the bitcoin price?

https://www.blockchain.com/btc/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP

One thing is certain you can't sell all these coins and go unnoticed! But like we saw Elons Musk 1.5 bitcoin buy saw bitcoin bullish.. now imagine what 5 fold could do if sold...obviously its a big crash in crypto prices but being the FBI the coins obviously in safe hands and no need to imagine things.

Just one thing where did you get this address,seems active

stomachgrowls

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Quote from: STT on March 08, 2021, 06:30:03 PM

Short answer is it doesn't matter, 7bn isnt enough any more. However it matters in terms of news and perception to the idea of security and reliability that BTC offers, people wont doubt FBI before they doubt crypto though its well known that human error is the most common computer problem. I always argue in favour of usability but thats how it is anyhow.
The only effect from a wallet compromise like this is change in liquidity and presumably the coins all get released immediately and sold which means a possible blip lower but overall its not important

Im not minding when it comes to entire market effect because we know that even if it do decrease its price but still there are lots of people/instutions/companies/whales who are really waiting for those possible bottom prices which means recovery would really always comes next.

The thing i do mind is on the emotion effect that it will affect the entire market where fuds become strong and negative news do continue to pop out from nowhere in case those FBI wallet would really be
hacked or stolen.

7Bn might not really be that big in terms of over total cap but the emotion or sentiment would it give will be a different thing.

STT

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Short answer is it doesn't matter, 7bn isnt enough any more. However it matters in terms of news and perception to the idea of security and reliability that BTC offers, people wont doubt FBI before they doubt crypto though its well known that human error is the most common computer problem. I always argue in favour of usability but thats how it is anyhow.
The only effect from a wallet compromise like this is change in liquidity and presumably the coins all get released immediately and sold which means a possible blip lower but overall its not important

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