Bitfinex Offers $3.5 Million Bounty for Stolen Bitcoin

[OmegaStarScream]

Bitfinex has offered a reward for the return, or info leading to the return, of the Bitcoin stolen in the recent hack.

Reddit user someguy916 posted in the /r/Bitcoin subreddit inquiring as to how much of a reward Bitfinex would be willing to offer for the stolen coins. Zane Tackett, Director of Community and Product development, responded with an offer for a small percentage:

5% of recovery and for information leading to recovery (but no bounty if no recovery); if multiple persons lead to recovery, share pro rata

Source : https://cointelegraph.com/news/bitfinex-offers-35-million-bounty-for-stolen-bitcoin

Get to work guys 

I still don't understand how It's impossible to trace them though , I mean If we take in consideration that anything on the blockchain is traceable ... they should track some users addresses till they reach the ADDRESS needed.

[franky1]

watch peoples addresses?
you mean people who publicly advertise their addresses so that there is some kind of pseudonym/human link to an address?

ok, sounds like a plan...
i ask the hacker to send a few satoshi's to:
3KfPAawFK8qG8KmRBHfkyNtvJwSLwHDJam
(the OP's address found in his profile)

then let the whole community harrass the OP to ask what his connection to the hacker is. maybe start doxxing him
let interpol request a warrant to enter the OP's home, using local authorities in the OP's area to search and seize all of the OP's computers to find evidence of a connection..
arrest the OP and question him for upto 48 hours.

have a nice day

[OmegaStarScream]

watch peoples addresses?
you mean people who publicly advertise their addresses so that there is some kind of pseudonym/human link to an address?

ok, sounds like a plan...
i ask the hacker to send a few satoshi's to:
3KfPAawFK8qG8KmRBHfkyNtvJwSLwHDJam
(the OP's address found in his profile)

then let the whole community harrass the OP to ask what his connection to the hacker is. maybe start doxxing him
let interpol request a warrant to enter the OP's home, using local authorities in the OP's area to search and seize all of the OP's computers to find evidence of a connection..
arrest the OP and question him for upto 48 hours.

have a nice day

That's not exactly what I meant honestly , I mean they are an exchange , they should have some kind of database where they watch addresses and the funds are stored and who sends to who etc... they should make some link and find out where It went exactly . (I really don't see it that hard since they know the time of the hack and how much is stolen etc... unless I'm missing something)

[unamis76]

I still don't understand how It's impossible to trace them though , I mean If we take in consideration that anything on the blockchain is traceable ... they should track some users addresses till they reach the ADDRESS needed.

It's possible to trace them, just probably really difficult because coins were stolen from several addresses. But that leads us nowhere, hackers will most likely not use any known address...

[Senor.Bla]

ok, let us say all stolen funds went to on address that was just freshly created. and we even know that address. so what is next? if the hacker does not move it? how will you find out who it was?

[7788bitcoin]

The chance of getting back to coins is virtually zero. They are just trying to tell everyone that they are "trying"... Even if they find the hacker, they can't do anything as the coins are not recognized by the law as a currency.

[franky1]

That's not exactly what I meant honestly , I mean they are an exchange , they should have some kind of database where they watch addresses and the funds are stored and who sends to who etc... they should make some link and find out where It went exactly . (I really don't see it that hard since they know the time of the hack and how much is stolen etc... unless I'm missing something)

firstly bitfinex only has human identifying logs on their own deposit users/addresses. it would require OTHER exchanges to look at the taint of their future depositors to see where funds came from. this is because im pretty sure the "hacker" wont put funds back into bitfinex after that.

ok. so again,
let the hacker pay you a small amount and you then deposit funds into an exchange whether it be coinbase, bitinstant etc.
now the exchange reports it to the authorities that they have a user that has funds from the bitfinex 'hack'
the authorities request a warrant to enter the your home, using local authorities in the your area to search and seize all of the your computers to find evidence of a connection..
arrest you and question you for upto 48 hours.

i forgot to add in last post
freezing all of your assets, where you need to higher a lawyer and spend months and many thousands trying to claim your innocence in a hope to get funds released.

have a nice day

[Pursuer]

....
I still don't understand how It's impossible to trace them though , I mean If we take in consideration that anything on the blockchain is traceable ... they should track some users addresses till they reach the ADDRESS needed.

we can't really trace them if the hacker knows what he is doing, besides I really don't understand why they put a public bounty for finding the stolen bitcoin except for their own publicity because people can not find them really. there are services like the creators of walletexplorer they have another paid service that does chain analysis and follow the coins around they should have done that instead.

[unamis76]

This public bounty might make the hacker want to negotiate with Bitfinex... So I don't think this is exclusively for publicity, they might achieve something with this.

....
I still don't understand how It's impossible to trace them though , I mean If we take in consideration that anything on the blockchain is traceable ... they should track some users addresses till they reach the ADDRESS needed.

we can't really trace them if the hacker knows what he is doing, besides I really don't understand why they put a public bounty for finding the stolen bitcoin except for their own publicity because people can not find them really. there are services like the creators of walletexplorer they have another paid service that does chain analysis and follow the coins around they should have done that instead.

They are most likely following the coins themselves or already paid for such a service.

[shinratensei_]

Bitfinex has offered a reward for the return, or info leading to the return, of the Bitcoin stolen in the recent hack.

Reddit user someguy916 posted in the /r/Bitcoin subreddit inquiring as to how much of a reward Bitfinex would be willing to offer for the stolen coins. Zane Tackett, Director of Community and Product development, responded with an offer for a small percentage:

5% of recovery and for information leading to recovery (but no bounty if no recovery); if multiple persons lead to recovery, share pro rata

Source : https://cointelegraph.com/news/bitfinex-offers-35-million-bounty-for-stolen-bitcoin

Get to work guys 

I still don't understand how It's impossible to trace them though , I mean If we take in consideration that anything on the blockchain is traceable ... they should track some users addresses till they reach the ADDRESS needed.

But I don't think so you can get a something from blockchain to trace them, and in my minds having a little percentage about the thief is using an encrypted connection. if that's correct i can say just a miracle to trace them.

[trafficolaa]

Hackers are more smart than ordinary people and they know better how to hide their identity from public, I don't think that kind of bounty will be helpful to get traced the people who are involved into that recent hack, inside job has very high possibilities for these kind of activities and I am sure someone was aware of this hole into their security system and that is why they are get succeed to stole these funds.

[Ayers]

weren't they offering a bonus to the hacker if he returned back the coin? or i'm confusing it with cryptsy, i remember such a thing, for a negotiation of an hack

[Senor.Bla]

weren't they offering a bonus to the hacker if he returned back the coin? or i'm confusing it with cryptsy, i remember such a thing, for a negotiation of an hack

did they made some kind of an offer to the hacker? i guess there would be an official statement as i assume they have no other way to communicate. was the offer higher? 5% seems very low. if i would have tracked the hacker down i would ask for more. they fucked up so let them pay.

[talkbitcoin]

this is funny!
you know why, becasue the hacker stole 71 million dollar from bitfinex and you will not find him by following the coins on blockchain.
so the only way of finding him is to know him outside of blockchain, in that case you can blackmail the hacker for 2x 3.5 million dollar not to reveal his identity

[NorrisK]

It could also be that they are hoping that the hacker will return the coins in return for the 5%.

The hackers "loses" a lot in a deal like that, but it makes moving the coins a lot easier for him. Also, it basically removes a huge mark from his back.

We don't know what the reasons behind the hack are (most likely money), but if it is ideological, the coins might reach home with an offer like this.

[Senor.Bla]

It could also be that they are hoping that the hacker will return the coins in return for the 5%.

The hackers "loses" a lot in a deal like that, but it makes moving the coins a lot easier for him. Also, it basically removes a huge mark from his back.

We don't know what the reasons behind the hack are (most likely money), but if it is ideological, the coins might reach home with an offer like this.

please give it all back and we give you 5% as tank you oh and by the way there will be no consequences for you.
sorry, but i do not believe it. maybe they would pay him but i do not see him walk just away without a trial.

[futurebillions]

bitfinex looks like a moron, they refused to use a cold wallet, so they should take the result by themselves, or cry, or shout, or curse. LMAO

they thought multi-sig wallet is secure, lol. Nothing is more secure than a cold wallet.

[unamis76]

It could also be that they are hoping that the hacker will return the coins in return for the 5%.

The hackers "loses" a lot in a deal like that, but it makes moving the coins a lot easier for him. Also, it basically removes a huge mark from his back.

We don't know what the reasons behind the hack are (most likely money), but if it is ideological, the coins might reach home with an offer like this.

Exactly... Couldn't have said it better. I think this is the main reason for a bounty.

[~Bitcoin~]

I don't think hacker will be happy to keep only 5% of stolen coins, they should have offer atleast 10 to 20%. Hacker can actually sell 1% atleast per day so why he would be happy to only take 5%. Bitfinex seem to have bad offer laid for hacker, its better if they can get 80% or even 50% rather than lossing all, actually those loss are for the members not of bitfinex, so community vote should be used to determine actual % to share with hacker.

[doublemore]

It could also be that they are hoping that the hacker will return the coins in return for the 5%.

The hackers "loses" a lot in a deal like that, but it makes moving the coins a lot easier for him. Also, it basically removes a huge mark from his back.

We don't know what the reasons behind the hack are (most likely money), but if it is ideological, the coins might reach home with an offer like this.

The hacker could also likely negotiate a higher price than 5%. PGP has already stated that sure they would offer 5% but im guessing they'd be willing to go as higher, something like 25% judging by how he said it.