Tracking down stolen Bitcoins - page 3.

denzkilim

full member

Activity: 1218

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Quote from: Rahar02 on December 28, 2017, 10:43:42 AM

Quote from: kooler1 on December 08, 2017, 04:12:45 PM

There are a lot of stories of stolen bitcoins from hacked websites or fooled people.

Or perhaps just block those blacklisted wallets and don't support them on the network (bitcoin) level?

Fortunately there is no such power, a victim may contact some exchanges to blacklist an address or some addresses which relate to the thief address, but not all of the exchanges in this world that you can ask to do that, it requires lots of resources obviously, and how if it just BTC10 but the resources that you need to blacklist the thief address more than the amount of BTC10.
Most cases are unhelped, the victims can't do anything about it but let it go.

A short story;
After MT-Gox hacked which BTC850,000 bitcoin stolen, the owners can't do anything about it, but law enforcement keeps tracking the transactions and ended with someone from BTC-e (Alexander Vinnik) was arrested due to dealing with money laundering which suspected relate to funds from MT-Gox as well.

So, if you have at least BTC100,000 that someday get stolen and still have enough resources to track those coins, then you may be able to recover the funds even though with small chance and it may takes years.

Yeah you need a lot of resources to be able to block or track your stolen bitcoins and it seems unfair for others with few bitcoins that they can't do anything when their digital assets got hacked. Money talks, Money matters, just be careful with your funds to prevent from getting hacked.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: kooler1 on December 08, 2017, 04:12:45 PM

There are a lot of stories of stolen bitcoins from hacked websites or fooled people.

Or perhaps just block those blacklisted wallets and don't support them on the network (bitcoin) level?

Fortunately there is no such power, a victim may contact some exchanges to blacklist an address or some addresses which relate to the thief address, but not all of the exchanges in this world that you can ask to do that, it requires lots of resources obviously, and how if it just BTC10 but the resources that you need to blacklist the thief address more than BTC10?
Most cases are unhelped, the victims can't do anything about it but let it go.

A short story;
After MT-Gox hacked which BTC850,000 bitcoin stolen, the owners can't do anything about it, but law enforcement keeps tracking the transactions and ended with someone from BTC-e (Alexander Vinnik) was arrested due to dealing with money laundering which suspected relate to funds from MT-Gox as well.

So, if you have at least BTC100,000 that someday get stolen and still have enough resources to track those coins, then you may be able to recover the funds even though with small chance and it may takes years.

armandoz

member

Activity: 162

Merit: 10

my idea is they allowed it so that they will not invest much because of afraid to hack the account but instead they in cast it and they put in the bank. and reminder to us not to join other network if you don't know if leget or not

Colorblind

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Activity: 392

Merit: 41

This text is irrelevant

Quote from: mpufatzis on December 28, 2017, 03:15:18 AM

The development of a program that tracks a specific transaction would be very interesting, but I'm affraid that if the new "owner" deposits the coins in a let say ''online game page'' he could laundry them in a new address.

There are programs to do that. And if you have sufficient motivator you can go to that gambling service and persuade to giveaway their logs/identity of the person who deposited it. Either way this is pretty hard roadblock but it's possible to know what happened next.

mpufatzis

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The development of a program that tracks a specific transaction would be very interesting, but I'm affraid that if the new "owner" deposits the coins in a let say ''online game page'' he could laundry them in a new address.

Colorblind

member

Activity: 392

Merit: 41

This text is irrelevant

There are methods to track down stolen coins but it is usually very expensive. You can "follow" all transactions up until any output hits known address (exchange, service etc). Then you go to this service and pull their logs/KYC (assuming you are capable to motivate them to cooperate) and now you know person who received your coins. You go to that person and motivate him to reveal who gave him those coins and under what circumstances. To receive coins he had to sent his address somewhere so it is possible to to find out by investigating their communication channel, motivating every intermediary in process. Every step of the process will drain your budget and therefore only few organizations are capable to pull enough resource to get to the roots of stolen coins. Tracking down hacker nears the impossibility if stolen coins was managed by security professional, but there always a trail.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

So who will be the authority to manage this? Who will make sure that the designated authority will not abuse that power for their personal gain.

Bitcoin is not PayPal or some central authority that can be corrupted to abuse their power. The community will be their own authority. ^smile^

micoholic

newbie

Activity: 56

Merit: 0

Since the beginning of cryptocurrencies, most of the digital coins existed has already this kind of feature where you won't be able to gather information regarding a transaction. The only data that you could get from a tracking address is the amount that was sent or received and the addressess of both sender and receiver respectively. You should protect your wallet at all times, like a precious asset, as there's no assurance that you can retrieve any stolen coins from your storage. I really doubt that there's a developer, hacker or some sort of a techie guy that can do this impossible task.

dx_twisted

full member

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Come to think of it, the reason why people love Bitcoins is that of its anonymity, where the information of either the receiver and sender is unknown. Even the location where it was being used, when it was sent or received or other important info that is necessary to track down a transaction is impossible to achieve.

It counterparts the feature of a Credit / Debit card where you can collect or obtain info like what I have mentioned above.

Because of this, the supposedly "PROs" of Bitcoin is also its major flaw. You should know this from the beginning as there is no guarantee that it will return back to you, even if you hire the services of a renowned "PRO" tech or hacker guy.

btctousd81

sr. member

Activity: 434

Merit: 270

you can see where are your coins, but you cant find a person who owns them.

what if someone loads them on some exchange and get altcoins by selling those bitcoins., then he got totally fresh bitcoins.,

so in practical world its not possible.

you cant make every bictoin wallet use to blacklist address ., bitcoin is decentalized in nature., so nobody can control whats going on .

kmlkkl

member

Activity: 196

Merit: 10

I had $ 200 btc in the past. But the wrong adrese was transferred. I threw an e-mail to change this. I still can not get a reply to my mail. It's been about 3 months. Now let's hope. Although I did not try so hard, I could not get a result. There's no turning back in doing this.

metokr

member

Activity: 60

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I think if he shapeshifts BTC to alt coins , like litecoin , ethereum then it is impossible to track. So BTC wallet address do not matter. Right ?

kooler1

jr. member

Activity: 33

Merit: 1

Quote from: crypto90 on December 21, 2017, 08:19:20 PM

even if you blacklist the wallet or the address it doesn't really help since the owner can make new addresses and new wallets from which he can finish what he started. or he can just sell the btc or put them on a market.

But if he makes new wallets he will still transfer btc from old wallets there. So there will be a trace. Or am i mistaken?

crypto90

jr. member

Activity: 92

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even if you blacklist the wallet or the address it doesn't really help since the owner can make new addresses and new wallets from which he can finish what he started. or he can just sell the btc or put them on a market.

Alexcross1075

newbie

Activity: 49

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i think the best way to start tracking a transaction is from the transaction hash

spotlessgases

newbie

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There is a way for you to track these missing bitcoins. Sadly, the change of ownership will still be anonymous. Thus, it may be impossible to retrieve.

kooler1

jr. member

Activity: 33

Merit: 1

Quote from: JonesMark on December 09, 2017, 06:42:56 PM

Well, how do you trace a stolen cash? There is a simple answer - you don't. You can't trace it. So this is not the problem of Bitcoin. Solving this problem would lead to cryptocurrency losing it's advantages. Becausew, common, do you really want your transactions to be unanonimous, and YOU would be identified? Let's say you store 10BTC on your wallet, and everyone can see the wallet with 10 BTC on it, do you want your name next to it?

Actually I had different vision -- let's say I stole 10BTC from you and everyone can see that transaction. All following transactions from my wallet can be tracked. And eventually one of the child transactions might make it possible to track me back. For example if I ever change BTC from my wallet to USD on exchange that requests identification, exchange will know my personal details and knowing that my wallet was involved in illegal activity will notify somebody (now sure who exactly should do such investigation, but let's call them crypto-police). And crypto-police will do the justice.

cryptoboiloi

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Quote from: cr1776 on December 09, 2017, 11:59:37 AM

Quote from: ?? on ??

its very hard to track down. perhaps this is one of the down side of Bitcoin

It is only a downside for people who want to control and have power over other people - socialists, communists, fascists, dictators and any other authoritarian governments. For people who like freedom, this is a plus, although even more privacy would be nice.

Agreed. I wonder how they are going to track down the person that stole the coins from nicehash. Undecided

We'll just wait and see I guess.

JonesMark

newbie

Activity: 45

Merit: 0

Well, how do you trace a stolen cash? There is a simple answer - you don't. You can't trace it. So this is not the problem of Bitcoin. Solving this problem would lead to cryptocurrency losing it's advantages. Becausew, common, do you really want your transactions to be unanonimous, and YOU would be identified? Let's say you store 10BTC on your wallet, and everyone can see the wallet with 10 BTC on it, do you want your name next to it?

Oceat

sr. member

Activity: 2506

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Quote from: kooler1 on December 09, 2017, 04:35:52 PM

Quote from: carlfebz2 on December 09, 2017, 06:32:14 AM

Quote from: kooler1 on December 08, 2017, 04:12:45 PM

There are a lot of stories of stolen bitcoins from hacked websites or fooled people.

I was wondering, since all transactions are in blockchain, is it technically possible to make blacklist of wallets where stolen funds where transferred (by claims of victims) to track transfers of those funds and report when the owner can be identified (for example when some goods where bought and delivery address is known)?

Or perhaps just block those blacklisted wallets and don't support them on the network (bitcoin) level?

You can possibly track regarding on those coins on where it has been moved to other address but if the hacker or scammer use mixer then for sure tracking would really be impossible since it have been mixed which its impossible for you to follow the track and also blacklisting is only possible if some service or exchange but I don't think that they would really bother.This is when bitcoin have been stolen it would really be hard to traced whos the owner.

Thanks for elaborate answer carlfebz2!

But doesn't blockchain store history of all transactions? So basically if we know that wallet #abc has been involved in illegal activities everyone can see all transaction that were done from that wallet? And perhaps at the end it would be possible to track identity of wallet by one of child transactions.

NBI can track these transactions number but it takes a lot of time to know who the hacker/scammer is because there's a lot of possibility on how the hacker would react it's way on making any transactions. I know the hacker or scammer knows this too but they have to make a non-traceable choice that doesn't bring any suspicion to their new address.

Topic: Tracking down stolen Bitcoins - page 3. (Read 1845 times)