Two guys are chasing a Bitcoin thief

durrrr

sr. member

Activity: 434

Merit: 251

Quote from: Jcw188 on April 29, 2014, 09:09:29 AM

What about "mixing" services could they use that to totally throw off the pursuers? I thought that's what mixing services were for.

they probally dont want to be outed or dont trust a mixing service wit hundreds of thousands. also dont want to pay 50% to wash their dirty money.

Jcw188

hero member

Activity: 546

Merit: 500

Carpe Diem

What about "mixing" services could they use that to totally throw off the pursuers? I thought that's what mixing services were for.

durrrr

sr. member

Activity: 434

Merit: 251

Quote from: Lauda on April 29, 2014, 08:36:38 AM

Interesting story. If the thief was smart enough to steal so many bitcoins, he should be smart enough to confuse the pursuers and cover his tracks.
Send coins to exchange --> buy altcoins --> sell --> withdraw again to some other address = profit?

yea to me it wouldnt be that hard it doesnt seem to cover ones tracks with bitcoin. although maybe they could trace it to the site then notice when there is another xxxx btc transaction going back into a wallet. why doesnt this person just cashout its not like anyone can see where hes from or his address cause of annonymity

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Interesting story. If the thief was smart enough to steal so many bitcoins, he should be smart enough to confuse the pursuers and cover his tracks.
Send coins to exchange --> buy altcoins --> sell --> withdraw again to some other address = profit?

MeandMissNoob

newbie

Activity: 20

Merit: 0

Quote from: counter on April 26, 2014, 03:08:14 AM

Thanks for sharing this story OP.

Your welcome Counter!!!
So many different thoughts on the thief and also the chasers Cheesy

sana8410

sr. member

Activity: 448

Merit: 250

I was thinking if they stole btc and then mined btc, then pay btc plus with interest. usually thieves wont have a good heart to that am i right?

counter

hero member

Activity: 798

Merit: 500

Time is on our side, yes it is!

Well this is piece of news is new to me even though it isn't straight off the presses so to speak. I like the idea of him sending coins to users of this forum to throw them off his track lol. Thanks for sharing this story OP.

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Quote from: RocketsFlySohigh on April 24, 2014, 06:01:53 PM

Quote from: bryant.coleman on April 23, 2014, 11:48:00 PM

Quote from: RocketsFlySohigh on April 23, 2014, 06:50:11 PM

haha, I remember how I laughed in December on the two clowns Grin

chasing a fairy

Just means that the thief immediately converted his loot to fiat, using the BTC-E exchange. Had the exchange be a bit more co-operative, then the chasers would have actually caught the thief.

If that were true, my friend, and the thief was soo naive and stupid and he didnt use any of the above mentioned methods, you could just as well catch him now. The transactions are still in the blockchain, and it depends only on how much records BTC-e keeps. If someone dumped such a big amount at once, it would make it bloody obvious.

Think this argument makes the most sense you can backtrack and detect which person cashed out

RocketsFlySohigh

newbie

Activity: 7

Merit: 0

Quote from: bryant.coleman on April 23, 2014, 11:48:00 PM

Quote from: RocketsFlySohigh on April 23, 2014, 06:50:11 PM

haha, I remember how I laughed in December on the two clowns Grin

chasing a fairy

Just means that the thief immediately converted his loot to fiat, using the BTC-E exchange. Had the exchange be a bit more co-operative, then the chasers would have actually caught the thief.

If that were true, my friend, and the thief was soo naive and stupid and he didnt use any of the above mentioned methods, you could just as well catch him now. The transactions are still in the blockchain, and it depends only on how much records BTC-e keeps. If someone dumped such a big amount at once, it would make it bloody obvious.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: RocketsFlySohigh on April 23, 2014, 06:50:11 PM

haha, I remember how I laughed in December on the two clowns Grin

chasing a fairy

Just means that the thief immediately converted his loot to fiat, using the BTC-E exchange. Had the exchange be a bit more co-operative, then the chasers would have actually caught the thief.

RocketsFlySohigh

newbie

Activity: 7

Merit: 0

Quote from: alc on April 23, 2014, 01:45:19 AM

Five pages and nobody points this out? The "Sheep marketplace scam" wallet is BTC-E's hot wallet.

http://www.reddit.com/r/SheepMarketplace/comments/1s2upf/the_sheep_market_scam_address_does_not_actually/

haha, I remember how I laughed in December on the two clowns Grin

chasing a fairy
and chasing it while it was obvious they have trouble even "walking" in the blockchain
They didnt even bother to check for the most common addresses used by the biggest exchanges...

Just imagine you had the skillset that allowed you to hack at a tor market holding BTC. But you would suddenly have no idea on how to cover your tracks in the blockchain ( which takes little knowledge and time?).

It takes little common sense, a drop of creative thinking, 3 spoons of googling, about 12 hours of mixing through alts and mixers + sending random tiny amounts to random addresses and some patience with cashing out. No one, no matter how resourceful and determined, can tell what went where.

I would bet that there was never more then say 30k BTC on Sheep at one time.
The real Sheep theft was probably much smaller.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: Soros Shorts on April 23, 2014, 12:56:43 AM

The thieves should just buy a lot of mining power with legit money - say 10% of the hash rate in some DC in the Arctic Circle. Then make 1 Satoshi donations to random addresses on this forum with 1000 BTC transaction fees. Statistically they would get 10% percent of the dirty money back as pristine minted coins. On top of that they will still get the 25 BTC block rewards.

Who will go for it? The thieves are greedy in the first place. Will they be ready to forget 90% of their loot? I don't think so. Even if they do something like this, people will definitely notice the BTC1,000 transaction fee. And they will also notice the new entrant in mining with a very significant and sudden 10% share of hash-rate. Traceable. Grin

Bitcoin Magazine

sr. member

Activity: 252

Merit: 250

send all of it to a bitcoin eater address and watch the price explode.

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Wow that dude is dedicated wonder how he will cash out

alc

full member

Activity: 129

Merit: 100

Five pages and nobody points this out? The "Sheep marketplace scam" wallet is BTC-E's hot wallet.

http://www.reddit.com/r/SheepMarketplace/comments/1s2upf/the_sheep_market_scam_address_does_not_actually/

Soros Shorts

donator

Activity: 1617

Merit: 1012

The thieves should just buy a lot of mining power with legit money - say 10% of the hash rate in some DC in the Arctic Circle. Then make 1 Satoshi donations to random addresses on this forum with 1000 BTC transaction fees. Statistically they would get 10% percent of the dirty money back as pristine minted coins. On top of that they will still get the 25 BTC block rewards.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: WetSeals on April 19, 2014, 10:13:12 PM

If I had some btc laying around, I would prove to you that you cannot trace coins for longer than 24 hours, if someone does not want you to. This guy is just a moron.

I don't have the resources to conduct an extended chase and have no interest in doing so. But if you really want to trace them, then there are several ways to do so. As a first step, you can post the transaction IDs here in Bitcointalk, for everyone to see. You can alert all the major exchanges (including localbitcoins). That will make sure that the thief is unable to exchange the coins for cash, at normal rates.

bitminerinthecloud

newbie

Activity: 27

Merit: 0

He could start a small exchange, grow it, sell some chunks of the money little at a time to buyers. Only the exchange owner knows who is the counter-part of the sale.

He could make them lose track of him as way earn more money. And if he thinks he got enough, he sells the exchange and go live.

apsvinet

full member

Activity: 224

Merit: 101

Quote from: jc01480 on April 22, 2014, 03:16:27 PM

I think he should donate them to here:

1KiuKpHcsM7gyW6rDKxBgEJui4Y68J82rX

Grin

Ugh, don't do that man. You'll regret these posts if you're gonna be here for a longer period of time and wanna establish a good reputation in the community.

jc01480

hero member

Activity: 854

Merit: 500

Nope..

I think he should donate them to here:

1KiuKpHcsM7gyW6rDKxBgEJui4Y68J82rX

Grin

Topic: Two guys are chasing a Bitcoin thief (Read 6163 times)