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Author Topic: Stolen Bitfinex Coins on the Move  (Read 6257 times)
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January 27, 2017, 04:39:31 PM
 #1

https://www.reddit.com/r/Bitcoin/comments/5qghnm/hacked_bitfinex_are_on_the_move_full_list_of/

https://gist.github.com/MrChrisJ/4a959a51a0d2be356cc2e89566fc1d87

Someone claiming to work for Bitfinex has published a list of transactions that moved some of the stolen Bitfinex coins.

As of block 450293 872.89153671BTC has moved, and according to the OP of the above reddit thread they have been sent to various exchanges (possibly to see how they will react to receiving deposits of these stolen coins).

If the coins do end up getting returned, then this will be a turning point for Bitcoin as in major BTC related thefts/losses in the past, stolen property has pretty much been lost forever for victims.

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January 27, 2017, 07:54:11 PM
 #2

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 


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January 27, 2017, 08:07:27 PM
 #3

As of block 450293 872.89153671BTC has moved, and according to the OP of the above reddit thread they have been sent to various exchanges (possibly to see how they will react to receiving deposits of these stolen coins).

Seems to be a fraction of the whole booties. I would announce doubts about the exchanges reacting in a way that is satisfying for the thieves, which will just drain that flow again. Evading further observations. This time they just got caught, next times not.
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January 27, 2017, 08:15:09 PM
 #4

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 
If I were to bet on it, I would say they will be recovered. The exact addresses of where the coins are "sitting" are very well known, and are well publicized. I would doubt that any exchange would hesitate to freeze the account of anyone who receives any of the stolen coins. If a mixer were to receive any of the stolen coins, they would probably not "mix" the stolen coins because their customers would be unable to use those coins on an exchange. So, the hacker's only likely choice would be to deal with bitfinex to try to negotiate the return of some of the stolen coins.

I am not aware of any large thefts/hacks in which the thieves ended up getting caught, although I think this is different because of the above.

As of block 450293 872.89153671BTC has moved, and according to the OP of the above reddit thread they have been sent to various exchanges (possibly to see how they will react to receiving deposits of these stolen coins).

Seems to be a fraction of the whole booties. I would announce doubts about the exchanges reacting in a way that is satisfying for the thieves, which will just drain that flow again. Evading further observations. This time they just got caught, next times not.
I am not quite sure what you are trying to say.

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January 27, 2017, 08:41:56 PM
 #5

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 
If I were to bet on it, I would say they will be recovered. The exact addresses of where the coins are "sitting" are very well known, and are well publicized. I would doubt that any exchange would hesitate to freeze the account of anyone who receives any of the stolen coins. If a mixer were to receive any of the stolen coins, they would probably not "mix" the stolen coins because their customers would be unable to use those coins on an exchange. So, the hacker's only likely choice would be to deal with bitfinex to try to negotiate the return of some of the stolen coins.

I am not aware of any large thefts/hacks in which the thieves ended up getting caught, although I think this is different because of the above.

As of block 450293 872.89153671BTC has moved, and according to the OP of the above reddit thread they have been sent to various exchanges (possibly to see how they will react to receiving deposits of these stolen coins).

Seems to be a fraction of the whole booties. I would announce doubts about the exchanges reacting in a way that is satisfying for the thieves, which will just drain that flow again. Evading further observations. This time they just got caught, next times not.
I am not quite sure what you are trying to say.
I don't think that most mixers would have the morality to not mix these coins because their customers would not be able to use them.
About that, would they really not be able to use them? I would assume that blockchain analysis is something that takes time.

Enough time for someone (someone getting those mixed coins) to use those tainted coins before anyone noticing perhaps?

This topic from 2014 talk about previous Bitcoin thieves being caught and there are some that were, if you read the entire thread.
Though not many high profile cases.
https://bitcointalk.org/index.php?topic=500212.0


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January 27, 2017, 08:46:50 PM
 #6

It would be very funny if he/they convert to fiat and make a bank transfer :O who know... it's clear he is not 100% sure with how to move all this.
We are seeing a thief in real time. Kraken has frozen a deposit already and I am sure some others will follow the same path, I heard there is a good communication between some exchanges... If they all do this, it can ve a great message for the bitcoin comunity and outside bitcoin

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January 27, 2017, 08:59:41 PM
 #7

Tried seeing earlier to what exchanges have the coins been sent but destination addresses are either publicly unknown or I simply didn't stumble upon a known address (didn't verify them all), very curious as to what exchanges received these coins.

I also believe that any exchange receiving these coins will most likely not allow them to be moved or exchanged further, not only for justice's sake, but also because exchanges reputations might be on the line with these coins. That's something pretty much no exchange wants to mess with.

Not sure what the hacker wants. He knows many eyes are on these coins, that they're easily recognizable by anyone, even with low experience browsing through the blockchain and that they'll raise an alarm wherever they're spent... These coins and whoever moves them are "trapped". We'll see how this pans out.
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January 27, 2017, 09:06:35 PM
 #8

I don't think that most mixers would have the morality to not mix these coins because their customers would not be able to use them.
It makes good business sense for mixers to only give their customers coins they will be able to easily use once received. If a mixer starts giving customers coins that are clearly related to a major theft, then no one will want to use the mixing service in the future. Since mixers make money by taking a portion of the bitcoin that gets mixed, the mixer will end up losing money in the long run.

About that, would they really not be able to use them? I would assume that blockchain analysis is something that takes time.
Blockchain analysis is more or less instant (it can be done instantly), as I can link addresses together that signed a single transaction that is still unconfirmed.

A mixer's customer might be able to spend the bitcoin they receive from the mixer, however if they do, they will likely receive a visit from law enforcement if what they are spending their bitcoin on can be traced to their RL identity.


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January 27, 2017, 10:26:43 PM
 #9

The Kraken has frozen 0.4BTC, but nobody knows if the other exchanges will all freeze the coins. I bet Coinbase chooses to freeze. I have never heard of Xzzx or quadrigaCX.

https://www.cryptocoinsnews.com/bitfinexs-hacked-bitcoins-move-5-recovery-bounty-offered/

Quote
Drew Samsen, Applications Team Leader at Bitfinex, told CCN that it appears coins have been moved to LocalBitcoins, Xzzx, BTC-e, Bitcoin.de, Coinbase, Kraken, CoinsBank and quadrigaCX. He further stated that Kraken has frozen 0.4BTC, but it is not clear whether some of the other exchanges will follow suite.
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January 27, 2017, 11:59:20 PM
 #10

That is a lot of address to monitor and assuming the hacker is a smart individual i am sure he will be playing a cat and mouse game and he will be finding a solution and if he makes a stupid move then some of the coins can be retrieved as i have seen an exchange freezing the account of an hacker recently .Hope the hacker makes a bad move so that some coins can be retrieved .














 

 

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January 28, 2017, 01:24:12 AM
 #11

Wow you were fast with it OP! Although it's interesting/ newsworthy to watch, there is no much victims can do though.
The hack happened and bitfinex did profit of it. I am 99% certain of it.
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January 28, 2017, 03:44:29 AM
 #12

The Kraken has frozen 0.4BTC, but nobody knows if the other exchanges will all freeze the coins. I bet Coinbase chooses to freeze. I have never heard of Xzzx or quadrigaCX.

https://www.cryptocoinsnews.com/bitfinexs-hacked-bitcoins-move-5-recovery-bounty-offered/

Quote
Drew Samsen, Applications Team Leader at Bitfinex, told CCN that it appears coins have been moved to LocalBitcoins, Xzzx, BTC-e, Bitcoin.de, Coinbase, Kraken, CoinsBank and quadrigaCX. He further stated that Kraken has frozen 0.4BTC, but it is not clear whether some of the other exchanges will follow suite.

Quadrigacx is Canadian. They will 100% for sure be freezing the account. That shit won't fly here. Maybe they should be trying some 3rd world exchanges to try and mix those coins. I guess this is the test to see if some exchange lets the bitcoins slip through the cracks and they start realizing their profit on a huge hack.
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January 28, 2017, 04:00:33 AM
 #13

Probably those bitcoin cannot be longer retrieved by the owners. There are no central agency that is controlling bitcoins and so there will be no group that will chase the hacker and put them in jail. Thats the problem with decentralization, though its freedom from the slavery of banks but its hard to be free from hackers, scammers that will take away your hard earned coins.

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January 28, 2017, 05:09:54 AM
 #14

It would be very funny if he/they convert to fiat and make a bank transfer :O who know... it's clear he is not 100% sure with how to move all this.
We are seeing a thief in real time. Kraken has frozen a deposit already and I am sure some others will follow the same path, I heard there is a good communication between some exchanges... If they all do this, it can ve a great message for the bitcoin comunity and outside bitcoin

I don't think he will convert this fiat because he know he will be caught.. The only likely scenario is to a bitcoin mixing services. The question is who's mixing services would accomodate such tainted bitcoins?

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January 28, 2017, 05:20:00 AM
 #15

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 

It will be interesting to follow this out until the end.  These coins will be under a microscope at every move they make.

Are mixers or tumblers really definite at leaving no trace?  Whats the point of a large theft such as this if the coins can never really be spent?

I believe there are a few blockchain forensic companies because of thefts such as these ...

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January 28, 2017, 05:43:13 AM
 #16

It would be very funny if he/they convert to fiat and make a bank transfer :O who know... it's clear he is not 100% sure with how to move all this.
We are seeing a thief in real time. Kraken has frozen a deposit already and I am sure some others will follow the same path, I heard there is a good communication between some exchanges... If they all do this, it can ve a great message for the bitcoin comunity and outside bitcoin

There is good communication between law enforcement at least inside western culture sphere, that 3rd world exchange mentioned above icks me. I would not support any tradesite that somehow dodges the community for a small gain in trade fees on stolen BTC.
Regarding Real Time Observation vs. Justice is Sloooow well recording the datatrace and collecting evidence takes time. Once those people are dangling on a hook facing some lengthy court time to defend their case we can watch this in slow motion on repeat.

How will this cryptosphere change once Zcash got stolen in big numbers?
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January 28, 2017, 05:44:13 AM
 #17

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 

It will be interesting to follow this out until the end.  These coins will be under a microscope at every move they make.

Are mixers or tumblers really definite at leaving no trace?  Whats the point of a large theft such as this if the coins can never really be spent?

I believe there are a few blockchain forensic companies because of thefts such as these ...

it may be very difficult to restore that has been stolen bitcoin. because of the above explanation, bitcoin is stolen, have been deployed in various exchangers, so bitcoin can not be collected again. bitcoin amount that is stolen, too many. all of which may be completed when the washing has been done at several sites bitcoin. Well, this is very interesting.

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January 28, 2017, 05:55:56 AM
 #18

The Kraken has frozen 0.4BTC, but nobody knows if the other exchanges will all freeze the coins. I bet Coinbase chooses to freeze. I have never heard of Xzzx or quadrigaCX.

https://www.cryptocoinsnews.com/bitfinexs-hacked-bitcoins-move-5-recovery-bounty-offered/

Quote
Drew Samsen, Applications Team Leader at Bitfinex, told CCN that it appears coins have been moved to LocalBitcoins, Xzzx, BTC-e, Bitcoin.de, Coinbase, Kraken, CoinsBank and quadrigaCX. He further stated that Kraken has frozen 0.4BTC, but it is not clear whether some of the other exchanges will follow suite.
I can tell you with almost certainty that btc-e will freeze the stolen coins. They will generally honor these types of requests likely because they do not want to be associated with laundering stolen money. There have been a couple of examples of people getting various accounts hacked, the money ending up on a btc-e account, and the account getting frozen.

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January 28, 2017, 06:17:50 AM
 #19

I sincerely hope stolen coins get frozen. Crypto scum should never be allowed to profit from their crime. It undermines trust into the community and gives them ideas to repeat the whole process.

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January 28, 2017, 06:55:19 AM
 #20

I seriously wonder if these stolen coins will ever be recovered? I mean, it doesn't seem impossible with companies devoted to blockchain analysis.
Does anyone know of any examples of large Bitcoin thefts where the perpetrators were caught in the end? 

in the case they will be recovered they will be labelled as a tainted coins, and lose some of their value, talking about fungibily issue in bitcoin here...

especially if these coins are confiscated by the autorithy, maybe if it was the exchange itself it can close an eye on the matter
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