Topic: Record highs, record heists: where is cryptocurrency heading? (Read 136 times)
Had to be expected, you can't honestly say you are surprised by this are you? I fully expect a 1 BILLION dollar hack this year, and that may not even be the biggest one. As more money pours into the market and there are centralized institutions this will continue to happen. That is why I think DEXs are the future of crypto, even better yet atomic swaps and cross chain swaps are gonna be the next biggest thing
I'm curious how people manage to actually cash out on these $100m+ heists, how do they convert that money to fiat without raising suspicion? People can barely get away without declaring $50,000, but these guys are going to suddenly become $500m richer and expect nobody to notice?
In this case it will be harder since the xems they stole has been tagged. It will he harder for them to put it in an exchange and withdraw it. In other cases where it is already bitcoin, they just have to use mixers to clean their coins and slowly turn it into fiat. Then they have to launder it again in order to spend the money freely.
Hacking of exchanges will not affect bitcoin, it did not affect it with the first exchange going down Mt.Gox and will not affect it with any other exchange being hacked no matter how big this exchange is. Unfortunately the only downside I see to bitcoin is that once stolen there are some ways in order to launder this stolen money.
I'm curious how people manage to actually cash out on these $100m+ heists, how do they convert that money to fiat without raising suspicion? People can barely get away without declaring $50,000, but these guys are going to suddenly become $500m richer and expect nobody to notice?
In this case it will be harder since the xems they stole has been tagged. It will he harder for them to put it in an exchange and withdraw it. In other cases where it is already bitcoin, they just have to use mixers to clean their coins and slowly turn it into fiat. Then they have to launder it again in order to spend the money freely.
I'm curious how people manage to actually cash out on these $100m+ heists, how do they convert that money to fiat without raising suspicion? People can barely get away without declaring $50,000, but these guys are going to suddenly become $500m richer and expect nobody to notice?
Hi, check this article:
http://www.telegraph.co.uk/technology/2018/01/31/coincheck-hackers-trying-move-stolen-cryptocurrency-major-japanese/
So the stolen coins were scattered across different wallets and different exchanges. They may try to exit by trading different coins and then cashing out from time to time in unsuspected amounts.
As for bitcoin and cryptocurrencies future, no one can tell. But IMO bitcoin will never be stopped by these events. Bitcoin will just grow and will stay for long.
I'm curious how people manage to actually cash out on these $100m+ heists, how do they convert that money to fiat without raising suspicion? People can barely get away without declaring $50,000, but these guys are going to suddenly become $500m richer and expect nobody to notice?
https://ph.news.yahoo.com/record-highs-record-heists-where-crypocurrency-heading-031008489.html
https://www.youtube.com/watch?v=bg-dxdunk8s
A hacking theft that netted $530 million, a ban on Facebook advertising, regulation even in Russia and more wild price swings: despite another stomach-churning week for cryptocurrencies, analysts say they are here to stay.
The analysts have spoken, cryptocurrencies are here to stay!
https://www.youtube.com/watch?v=bg-dxdunk8s
A hacking theft that netted $530 million, a ban on Facebook advertising, regulation even in Russia and more wild price swings: despite another stomach-churning week for cryptocurrencies, analysts say they are here to stay.
The analysts have spoken, cryptocurrencies are here to stay!
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