Is there a source to the information provided in the OP? I haven’t seen anything around on the 4K BTCs being cashed.
The provided address has only received 0,93 BTCs historically, being all related TXs dating back to august 2018:
https://www.blockchain.com/btc/address/1GYNGZLEUGkkQjHo19dHDnGE87WsAiGLLB?page=1
I'm sure that an array of addresses were used, and the above may be a small sample by comparison.
Seems that the 1k ransom was the cue, whatever the currency ($,£, €):
https://www.bitcoinabuse.com/reports/1GYNGZLEUGkkQjHo19dHDnGE87WsAiGLLB?page=1
Note: They seem to have removed the OPs post on Reddit (https://www.reddit.com/r/Bitcoin/comments/nhshv3/sextortion_more_than_4000_btc_cashed/)
Topic: Sextortion - more than 4000 BTC cashed - page 4. (Read 806 times)
I conclude that our police simply do not have enough experts to follow up on something like this.
And that's why Chainalysis is trying to take over the space of forensic blockchain analysis. I have nothing against using their methods to catch criminals and whatnot, but it appears that some of their 'investigations' aren't really connected into some criminal activities. They literally peer into any transaction that they find interesting and connect all the dots, somehow lessening the anonymity of those people involved in the said transaction. Police intelligence divisions aren't really well versed in the said area just yet, but contracting Chainalysis and other blockchain analysis companies for forensic analyses of crimes involving cryptocurrencies isn't really good either.
This doesnt only limit out on sextortion but also with that common ransomware event where these hackers would ask out btc in exchange of your files and this is why we should really be careful on downloading something in the net in result in getting some malware and this case is no different.
Good thing they had able to trace up that this is a binance deposit address which they can really make a complaints and close that account but that would surely be needing some solid proof before they can take action.Dont expect that hacker had put up kyc on his real name used in his binance account.Pulling 4000 isnt really that hard.
Good thing they had able to trace up that this is a binance deposit address which they can really make a complaints and close that account but that would surely be needing some solid proof before they can take action.Dont expect that hacker had put up kyc on his real name used in his binance account.Pulling 4000 isnt really that hard.
There are ways for those people to cash out without filling any KYC procedures like passport identification.
For example trading them for cash face to face under spot value to find buyers fast, in a location with no CC cameras.
They could also use btc mixers to obfuscate the coins.
In short, that money is permanently lost unless the thieves are exceptionally stupid and try to cash in at legal traders.
For example trading them for cash face to face under spot value to find buyers fast, in a location with no CC cameras.
They could also use btc mixers to obfuscate the coins.
In short, that money is permanently lost unless the thieves are exceptionally stupid and try to cash in at legal traders.
A sextortion victim received a mail to pay $1000 in bitcoin within 48h to address 1GYNGZLEUGkkQjHo19dHDnGE87WsAiGLLB otherwise, a captured intimate video of the victim is sent to all his email contacts. Can the extortionist be tracked down with only knowledge of the Bitcoin address? In this case the wanted person doesn't seem to be the brightest candle on the cake.
A free short analysis with our "Bitcoin privacy check" tool already shows the connection to a Binance client:. For less than $100 a report is available from forensicsone showing that the address sent funds to a binance deposit address.
But the amazing thing is that despite the naive approach, the extortionist was able to collect many millions of $ (more than 4,000 BTC) from thousands of people, even though Binance already demands KYC at 2 BTC and there were hundreds of criminal complaints at the police.
I conclude that our police simply do not have enough experts to follow up on something like this.
A free short analysis with our "Bitcoin privacy check" tool already shows the connection to a Binance client:. For less than $100 a report is available from forensicsone showing that the address sent funds to a binance deposit address.
But the amazing thing is that despite the naive approach, the extortionist was able to collect many millions of $ (more than 4,000 BTC) from thousands of people, even though Binance already demands KYC at 2 BTC and there were hundreds of criminal complaints at the police.
I conclude that our police simply do not have enough experts to follow up on something like this.
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