Remember Bitfinex Exchange Hack of 2016 ? The stolen bitcoins are moving! - page 2.

suzanne5223

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Quote from: mk4 on February 03, 2022, 12:21:24 PM

Quote from: suzanne5223 on February 03, 2022, 11:02:09 AM

Note: I'm not supporting the hacking act but what you said raised some questions.

Speaking unsuccessful coinjoin such many coins, he can still make use of decentralized p2p exchange trade it for privacy coins which he can then send to a fresh wallet and split send it t various new wallets.

If you're referring to Bisq, then I'm pretty sure it would take the hacker thousands and thousands of separate transactions to be able to swap everything,

Yes. I guess thats the price the hacker has to pay cause he can easily make much more through bugs hunting or developing something that will help the cryptocurrency ecosystem than abusing the decentralized of crypto.

Quote from: mk4 on February 03, 2022, 12:21:24 PM

and not to mention that people are likely to not be willing to transact with such a well-known wallet address.

This is well-known within the crypto forum and people that follow the news. However, there is some Bitcoin tumbler group where people exchange dirty coins for clean coins.

JohnBitCo

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Quote from: riskarcher on February 03, 2022, 10:31:05 AM

Karma is real, those who take bitcoins illegally will have a bad and not free life because from the news I heard exchanges block tracking wallets that transfer stolen bitcoins even though they can cash out bitcoins slowly. I hope someone can catch the owner of that wallet

Bitfinex Exchange Hack happened in 2016 and in six years no one was able to know who hacked the exchange. If in 5-6 years, the owner of the wallets are unknown, do you think it will be easy to catch them now?

It seems that hackers won't be caught but if they convert the money into fiat, then there may be some chances to track them but noting can grantee at this time.

mk4

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Quote from: suzanne5223 on February 03, 2022, 11:02:09 AM

Note: I'm not supporting the hacking act but what you said raised some questions.

Speaking unsuccessful coinjoin such many coins, he can still make use of decentralized p2p exchange trade it for privacy coins which he can then send to a fresh wallet and split send it t various new wallets.

If you're referring to Bisq, then I'm pretty sure it would take the hacker thousands and thousands of separate transactions to be able to swap everything, and not to mention that people are likely to not be willing to transact with such a well-known wallet address.

fiulpro

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If they are going to move those coins then I do think that it won't be a really good thing to do since at the end of the day the government can very easily track it and at the same time the person who stole might also try and encash illegally which does mean that the price might went down because that's a really high amount. I hope he makes a little mistake and the Bitcoins goes back to the person he stole it from.
Even if he tries and use a mixer he might still get caught and also p2p is not really a good proposal since it's a lot of coins and he might have to find so many people to sell it to individually and once marked the coins will be marked forever. Therefore the buyer will also not have much options as well.

suzanne5223

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Quote from: mk4 on February 03, 2022, 08:16:28 AM

Not sure what the dude's going to do though, as the choices are pretty limited. He can't really sell it for fiat, so he's pretty much stuck with moving from wallet to wallet, or probably mixing/coinjoin the coins. Not sure if you can even coinjoin that much coins with success.

Note: I'm not supporting the hacking act but what you said raised some questions.

Speaking unsuccessful coinjoin such many coins, he can still make use of decentralized p2p exchange trade it for privacy coins which he can then send to a fresh wallet and split send it t various new wallets.

riskarcher

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Karma is real, those who take bitcoins illegally will have a bad and not free life because from the news I heard exchanges block tracking wallets that transfer stolen bitcoins even though they can cash out bitcoins slowly. I hope someone can catch the owner of that wallet

virasog

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Quote from: Madmardigan on February 03, 2022, 10:02:57 AM

That's pretty annoying! Why do these scammers burn to hell, I was once a victim and this kind of news really intimidates me.

Those who stole bitcoins or any money, that money will never be helpful for them in the long run. In the short term, they may find themselves lucky but sooner or later nature takes revenge on them.

Even though the hackers have limited choices to move the funds but they have control over those bitcoins and as long as they are in control of these huge amount of funds, there is always the risk that they will dump one day or other.

Madmardigan

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That's pretty annoying! Why do these scammers burn to hell, I was once a victim and this kind of news really intimidates me.

Husires

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At least in Bitcoin we all get a warning about these stolen coins and then all the analysis machines will track all the wallets that those coins are sent to.
The impact of gold and jewelry thefts disappears over time, and then, in less than several years, thieves will be able to quietly take them out and sell them in any market outside the country from which they were stolen.

Let's see how long it will take the authorities to catch them.

DaveF

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I guess it comes down to how well they can hide the funds and how much time and effort and money they put into it.
Given enough time and paying enough in fees and taxes you can bury that much money. But it's going to cost you.

Criminals tend to be lazy, but the ones that put in the effort can hide a lot of money.
Would you be willing to spend $1 billion to net the remaining $1.5 billion free and clear?

-Dave

avikz

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Quote from: mk4 on February 03, 2022, 08:16:28 AM

Not sure what the dude's going to do though, as the choices are pretty limited. He can't really sell it for fiat, so he's pretty much stuck with moving from wallet to wallet, or probably mixing/coinjoin the coins. Not sure if you can even coinjoin that much coins with success.

Mixers are available to help! Decentralized swaps are there to convert the bitcoins into private cryptos like Monero and then to fiat. A lot of ways are available. But the hacker can't do it in one go. He will have to do it in parts.

The sad part is that, a criminal is still outside the prison after the incident happened in 2016 and the legal system couldn't do anything!

Similificator

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I have heard that finds have been moving from that address slowly over the years. I don't know though if the hacker(s) have actually had the chance to enjoy what he/she/they have stolen since a lot of eyes have been monitoring the addresses ever since the hacking happened. It's just sad thinking about the people that suffered because of his/her/their scheme and all the bitcoins that failed to enter the circulation specially now that more and more people are flocking into the crypto currency industry.

hyudien

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Quote from: virtualdn on February 03, 2022, 06:22:52 AM

People who steal things or get them through bad ways will never really enjoy the "fruits" of their labor. Karma has a funny way of striking back and biting their a**, so the joke is on them, time will tell.

Agreed, there must be a trade-off that would make it impossible for a hacker to have a safe place in this world. Maybe he is still happy and feels safe in an undetected position, but I believe the law of reciprocity or karma will befall people who harm many parties and cause great suffering. After all, many of the stolen Bitcoin users are people whose lives depend on it. When hacking has caused destruction and loss of one's livelihood.

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Quote from: mk4 on February 03, 2022, 08:16:28 AM

Not sure what the dude's going to do though, as the choices are pretty limited. He can't really sell it for fiat, so he's pretty much stuck with moving from wallet to wallet, or probably mixing/coinjoin the coins. Not sure if you can even coinjoin that much coins with success.

Yeah, mixing does not seem to be an option. Even if he start to use the mixing services then the mixer will be on the radar and they would start questioning them. It’s amazing though how police workforce traced out the initial transfer and caught one of the hacker. I mean that’s what the articles states and the options are really limited for the other guys too. It’s like they did the stealing by throwing the whole bomb in the public place. Lolz.

Money Heist kinda stuff but it’s not a series, it’s real world stealing so be it.

mk4

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Not sure what the dude's going to do though, as the choices are pretty limited. He can't really sell it for fiat, so he's pretty much stuck with moving from wallet to wallet, or probably mixing/coinjoin the coins. Not sure if you can even coinjoin that much coins with success.

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Quote from: Flexystar on February 03, 2022, 06:14:51 AM

~ The sad thing is this is just half of the amount which hacker stole earlier that is 12,000 bitcoins.

It's should be 120,000 BTC and 64K is more than half.

virtualdn

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People who steal things or get them through bad ways will never really enjoy the "fruits" of their labor. Karma has a funny way of striking back and biting their a**, so the joke is on them, time will tell.

Flexystar

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In the recent news it is published that the bitcoins which were hacked out of Bitfinex Exchanger were sitting in a wallet. The same wallet is now accessed by the hacker and there is movement of bitcoins to another anonymous wallet.

The amount of bitcoin which is moved have been recorded to $ 2.5 billion that is 64,000 plus bitcoins. I am amused with the number of bitcoin that were moved. This has been done over twenty different transactions and have been marked as alerted address.

The sad thing is this is just half of the amount which hacker stole earlier that is ~~12,000~~ 120,000 bitcoins.

The complete news can be read here:

$2.5B in stolen BTC from Bitfinex hack awakens

Topic: Remember Bitfinex Exchange Hack of 2016 ? The stolen bitcoins are moving! - page 2. (Read 369 times)