Uncle Same figured out how to track it:
https://www.washingtonpost.com/busi...Q.MbOslMHdCuLe-L_it9jyNoccB9y8x1FR2yWTVARpfSY
https://www.washingtonpost.com/busi...Q.MbOslMHdCuLe-L_it9jyNoccB9y8x1FR2yWTVARpfSY
For all the cyptos saying it's untraceable...
- Thread starter dorndawg
- Start date
They've been able to track Bitcoin for a couple of years. Got that info from one of the FBI cyber crime unit guys in Jackson.
If untraceability is one of the top reasons you use bitcoin, you might need to rethink some of your life choices
I'm not going to pick the fly **** out of the pepper with you on cryptocurrency terminology, but this is the first time the Justice Department has recovered a payment made to hackers via Bitcoin.
We have the ability to recover payments now, it seems. Fair enough the hackers won't otherwise be punished or stopped, but this blows a giant hole in their incentive to commit ransomtheft.
This story is aimed at people who don’t understand bitcoin. I’d love for some of you to explain what you think this means.
The way its dropping after hours, it appears all the criminals are selling their crypto so they can go back to negotiable bearer bonds...
View attachment 20518
View attachment 20518
For one thing, it means the feds would have recovered the entire $4.4 million if bitcoin hadn't lost a massive amount of value in the last month.
I'm glad they did, it's about time they did. Bitcoin has always been traceable. XMR is untraceable, it runs on a private blockchain similar to BTC. Most exchanges dont sell it, at least not in the States, for obvious reasons. I'm surprised it isnt the currency of choice for any criminal. BTC obviously didnt work out for them nor should it.
If anyone is buying Bitcoin because they think it is untraceable they are sorely mistaken and should get out of it immediately. There probably is a place for an XMR crypto but anything that can be done to minimize criminal activity like this should be done, especially when the stakes get this high. Companies getting ransomed need to be held accountable for their failures to secure their networks and properly backup their data. As it is, we need the JD to undo an entirely preventable attack because we have allowed an obviously incompetent operation that is vital to our economy to fail in a major way.
If anyone is buying Bitcoin because they think it is untraceable they are sorely mistaken and should get out of it immediately. There probably is a place for an XMR crypto but anything that can be done to minimize criminal activity like this should be done, especially when the stakes get this high. Companies getting ransomed need to be held accountable for their failures to secure their networks and properly backup their data. As it is, we need the JD to undo an entirely preventable attack because we have allowed an obviously incompetent operation that is vital to our economy to fail in a major way.
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Got it. You’re not interested in understanding anything. You just liked the headline.
Are you disappointed the victims recovered (some) of their money? Yeah, I *did* like the headline.
If that’s true, yes I like that. If it’s true that malicious actors didn’t get away with an attack, I like that too. But this story is being used as an attack on bitcoin and is aimed at people who don’t understand very basic concepts about it.
That's absolutely not what he is saying and you know it. The reason the funds were recovered is that someone left themselves open to having them recovered, which in itself is suspicious.
I think Bitcoin sucks, but no one exposed any vulnerabilities in BTC in recovering these funds.
I think Bitcoin sucks, but no one exposed any vulnerabilities in BTC in recovering these funds.
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ooh, i'll play!
i have no interest in understanding block chain...open, cerrado, etc. that must mean you're smarter than me. where's the pretentious illiterate message board you spend your time learning this stuff when you're not here?
i have no interest in understanding block chain...open, cerrado, etc. that must mean you're smarter than me. where's the pretentious illiterate message board you spend your time learning this stuff when you're not here?
Yall are probably right. I can't imagine Uncle Sam - the biggest, most powerful gangster in history - throwing gobs of money and manpower at figuring out how to neutralize the ill-effects of cryptocurrency, not to mention getting his cut from it's profits.
Unrecoverable?
Untraceable to the true individual?
If it's been public info(which I would say it hasn't been) then it wouldn't have been the currency of choice for nefarious and dark web activity over the last decade or so.
Being able to just identify and take back bitcoin has not always been there.
That's not what happened. What happened has ALWAYS been possible. Just like if you left the key to your house at the office someone could steal it, only difference here is they also can find your house address by looking at the key.
As for the Silk Road, etc. That was pretty much figured out by 2013 and your assertion is incorrect. The currency of choice for criminals in the digital age has always been the USD simply because it is the world reserve currency. Bitcoin adds an extra step between the dollar.
It is true that tools like Chainanalysis have only been around for a few years but they are very good at tracking bitcoin transactions.
As for the Silk Road, etc. That was pretty much figured out by 2013 and your assertion is incorrect. The currency of choice for criminals in the digital age has always been the USD simply because it is the world reserve currency. Bitcoin adds an extra step between the dollar.
It is true that tools like Chainanalysis have only been around for a few years but they are very good at tracking bitcoin transactions.
Yeah, that's what they did, based on multiple news articles.
The FBI tracked payments then used the hacker's key to take back the money.
So these sophisticated Russian hackers forgot to secure their private keys? Or did they leave the bitcoin on Coinbase? lol
If so, this isn’t the government figuring anything out about bitcoin. This has always been the case. You have to secure your private keys, which is so easy anyone on this message board could do it. Or if you leave your bitcoin with a custodian, it can be seized, no different than a bank. Not your keys not your coins.
Nothing has changed with bitcoin. If you buy the story, we just have the dumbest criminals in history.
If you’ve used bitcoin for 10 minutes, you would know how ridiculous this is. (And I don’t mean opening an account on Coinbase. I mean actually holding your private keys and broadcasting a transaction.)
17 if I know the truth. The story as is sure doesn't seem legit- the gvt just somehow knew the key?
I am guessing they figured out the key or something along that line.
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