Why do hackers steal huge amounts of bitcoins? - page 6.

Taskford

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Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

They are just turning the opposite attention to the ones who follow them so that they can execute their plan to take the bitcoins safely without to be traced out but I think the amount is so huge and provably the platforms are been alerted for this scheme.

But for sure plan has been set before the attack happen so maybe there are hiding techniques for this.

mezzaluna

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I guess hackers would say that it was a risky move but for them its worth it since what they have hacked is worth millions and its impossible for them to do something they know that would not know how to coverup. If they do not know how to coverup their tracks then it would really be a waste of their time.

dothebeats

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Traces can be masked through the use of mixers, or use falsified information to register on an exchange and buy privacy coins, use that privacy coins to another exchange and trade it out to fresh new bitcoins. Hackers are creative when it comes to moving around stolen coins, so I don't think it is hard for them to devise a method to cash out that kind of money without being noticed. That's why coin mixers are a hot topic on law enforcement as it can be used to facilitate money laundering and similar stuff which makes things hard for law enforcement to piece two and two together.

AjithBtc

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With the mixing services the footprints can be hidden, apart from this there is no need of holding it for a long term. Once the footprints were destroyed automatically he can transfer to different addresses. For limited volume there'll be traders to support bitcoin for fiat without any form of identity reveal. Also, these days hackers weren't much backtracked when the issues were associated with cryptocurrencies.

maydna

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Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

The hacker will figure out how to move the funds to another wallet. We can see the bitcoin move from one wallet to another wallet, but we still don't know who the hacker is. And if they don't reveal themselves, we only know the funds move without knowing who the owner of the wallet is. They can hide pretty well because they have skills to do that, so I believe that they will find that way to get the money.

Quote from: BlackHatCoiner on July 25, 2020, 05:42:37 AM

Two questions.
1) How exactly can a hacker escape with a mixer?
2) Why do mixers exist?

1. They send the funds to the mixer and let the mixer do the dirty jobs for them. Meanwhile, the hacker can do another thing to prepare the escape.
2. You can visit this page to learn why to mix coins.

The hacker can convert the bitcoin amount to the altcoin, and that is the best way they can do to prevent the tracking, and they can still hide.

Quote from: BlackHatCoiner on July 25, 2020, 05:56:15 AM

Already owned addresses? And who promises me that he won't steal me?

As long as you can find recommended mixing services, they won't steal your money because their reputations will be their concern to serves their customer.

Zackgeno96

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Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

Stealing bitcoins is way better for the hackers than stealing from the online bank wallets or credit card frauds or maybe carding itself. They can actually get away with the money and exchange these bitcoins for other privacy centered coins on the decentralized exchanges or maybe on the darknet or they would simply mix their bitcoins, there are a lot of people who are using mixers these days. More the number of people using the mixer easier for the hacker to get away with the money.
Mostly the authorities also don't look at this kind of matter seriously but in case of a credit card fraud then getting away will be the biggest problem for the hacker.

jademaxsuy

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of course hacking is like a job to which one could earn huge. Aside from that others consider hacking as their hobby. I don't think that they just hack a system or bitcoin without a good reason. As I had mention earlier that hacking is like a job and it is a way of fast and easy money. And in return if a hacker get caught then that would be the end of his life getting into prison is no life. Anyway, hope they will at least changenl the way their life is for it is not too late to change.

MCobian

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The weakness of Bitcoin is transparent, so transactions can be traced. It is possible that hackers stole Bitcoin because of the highest
popularity compared to other cryptocurrency. And also Bitcoin is exist in all exchanges, so it's easy to sell and move it. The problem
how hackers move Bitcoin without leaving a trace. Probably the safest step to hold Bitcoin for a long time, or it could sell it little
by little.

mindrust

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Quote from: BlackHatCoiner on July 25, 2020, 05:56:15 AM

Already owned addresses? And who promises me that he won't steal me?

1- You should do your prior research and read the reviews about the service which you are about to use.
2- They mostly use automated scripts. Means, as soon as you send coins, you get back your new coins to your receiving address.

BlackHatCoiner

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Already owned addresses? And who promises me that he won't steal me?

mindrust

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Quote from: BlackHatCoiner on July 25, 2020, 05:50:04 AM

Quote from: mindrust on July 25, 2020, 05:48:45 AM

Quote from: BlackHatCoiner on July 25, 2020, 05:42:37 AM

Two questions.
1) How exactly can a hacker escape with a mixer?
2) Why do mixers exist?

1- By sending their dirty coins to a mixer and get back clean coins.
2- To clean your dirty coins.

What do you mean to clean them? What does the mixer exactly do? Does it send your funds to thousands addresses? How is that clean?

They give you somebody else's coins instead. They do this with thousands of addresses in the end you won't be able to track down where your coins came from.

I don't really know how their algorithm works. If I did, I would create my own. Grin

BlackHatCoiner

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Farewell, Leo

Quote from: mindrust on July 25, 2020, 05:48:45 AM

Quote from: BlackHatCoiner on July 25, 2020, 05:42:37 AM

Two questions.
1) How exactly can a hacker escape with a mixer?
2) Why do mixers exist?

1- By sending their dirty coins to a mixer and get back clean coins.
2- To clean your dirty coins.

What do you mean to clean them? What does the mixer exactly do? Does it send your funds to thousands addresses? How is that clean?

mindrust

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Quote from: BlackHatCoiner on July 25, 2020, 05:42:37 AM

Two questions.
1) How exactly can a hacker escape with a mixer?
2) Why do mixers exist?

1- By sending their dirty coins to a mixer and get back clean coins.
2- To clean your dirty coins.

BlackHatCoiner

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Farewell, Leo

Quote from: Slow death on July 25, 2020, 05:35:51 AM

Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

maybe this is the point where most people hate banks (without much sense in my opinion) if they are convinced that the cryptocurrency system is also very broken in this part, hackers know that stealing cryptocurrencies is something much more advantageous than stealing fiat in the bank where you have security cameras and always have a witness and even if it takes many years, eventually the thief will be found, while in the case of stealing any exchange there is little and no chance of being found. That is why I believe that anyone who has money on exchanges (just like me) should not sleep soundly ... this is the great disadvantage of the decentralized world of cryptocurrencies.

But of course with KYC on all exchanges it might be possible to have a more secure system capable of finding hackers, but there are mixers that, although the intent of the mixers' creators are good (I think) help the hackers in some way and escape with stolen bitcoins

Two questions.
1) How exactly can a hacker escape with a mixer?
2) Why do mixers exist?

gentlemand

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Quote from: kryptqnick on July 25, 2020, 05:34:06 AM

Not to mention that crypto crimes don't seem to be investigated as seriously as fiat crimes (maybe I'm wrong) because in many places cryptos are in the gray area and there's no common law.

Even in places where it's definitively theft like any other authorities don't seem to care very much. They don't seem to work hard at any type of online fraud compared to real world theft.

I knew a guy who had the police helicopter sent after him after stealing a £10 bag of coal. If he'd stolen £10,000,000 online he would be a database entry and not much else.

At some point there's going to need to be a major attitude change because this indifference is going to drive it to new heights.

Slow death

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Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

maybe this is the point where most people hate banks (without much sense in my opinion) if they are convinced that the cryptocurrency system is also very broken in this part, hackers know that stealing cryptocurrencies is something much more advantageous than stealing fiat in the bank where you have security cameras and always have a witness and even if it takes many years, eventually the thief will be found, while in the case of stealing any exchange there is little and no chance of being found. That is why I believe that anyone who has money on exchanges (just like me) should not sleep soundly ... this is the great disadvantage of the decentralized world of cryptocurrencies.

But of course with KYC on all exchanges it might be possible to have a more secure system capable of finding hackers, but there are mixers that, although the intent of the mixers' creators are good (I think) help the hackers in some way and escape with stolen bitcoins

kryptqnick

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Quote from: BlackHatCoiner on July 25, 2020, 03:28:02 AM

I was reading about Cashaa, that was hacked and 336BTC were stolen. But the hacker can't move them right? He will leave footprints. So why should hackers steal them since they can be found? For example if they want to convert them to fiat.

The only way I think you could get by from this felony is to keep them on very long term. So long that it may be forgotten. But still, it may.

I'm pretty sure they're stealing because they have a plan on how to get fiat for them. Mixers have been mentioned here, and I think it's a reasonable first step. Then goes a deal somewhere where no KYC is asked (meeting someone in person and getting cash or using a KYC-free ATM). Finally, if there's enough money stolen, even if the identity of a person becomes compromised, with sufficient resources it should be possible to get fake documents and travel to a place where nobody's looking for you, start and new life. Not to mention that crypto crimes don't seem to be investigated as seriously as fiat crimes (maybe I'm wrong) because in many places cryptos are in the gray area and there's no common law.

gentlemand

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Quote from: Rosilito on July 25, 2020, 05:28:53 AM

Exactly! They won't set their foot into dirty doings without knowing their way out. It is not like letting themselves getting caught in the end, so what's the point of stealing if they won't get the chance to use it Undecided

.

And yet many of them are so lazy and stupid they often do hang themselves. It only takes one slip to blow your anonymity.

The address that was posted on all of the hacked Twitter accounts has had past transactions to exchanges. The chances are there's some link to ID somewhere along the way.

Quite a few dark market druggists have sent funds directly from sales to exchange accounts that sent the pigs straight to their door.

Rosilito

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Quote from: mindrust on July 25, 2020, 05:02:26 AM

If they are smart enough to steal those huge amounts, they are probably also smart enough to hide their tracks too.

I'd bet that they'll find a way to cash them out.

Exactly! They won't set their foot into dirty doings without knowing their way out. It is not like, they are letting themselves get caught in the end, so what's the point of stealing if they won't get the chance to use it Undecided

.

As majority said, this bitcoin mixers thing would come into play. So, if you want to know what bitcoin mixers are, then.
Here's the thread for you:

https://bitcointalksearch.org/topic/what-is-bitcoin-mixer-5106873

And here's the thread for the list of bitcoin mixers we currently have:

https://bitcointalksearch.org/topic/2023-list-bitcoin-mixers-bitcoin-tumblers-websites-2827109

Leviathan.007

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Just to answer your question it's because want easy money and stealing Bitcoin is the best way to do it. However, you said they can't use it but they can. They will usually sell the bitcoins easily after mixing the Bitcoins using a Bitcoin mixer service in order to make the transactions untraceable. Now imagine they use the mixer for multiple times. None can track then that easily. That's why, some exchanges and mostly local exchanges on clearnet won't accept mixed Bitcoins.

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