What exactly hackers do with crypto?

[CristianOff]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

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[Hannu]

Most people buy drugs on bitcoin, its solution if not want to go on drug rehab, and money problem. Its gone some bitcoin hashers payroll, it is wrong.

Lamborghinis, booze? If I have 750 000 US Dollars, buy bitcoin hashing power all the money. There are Echelon etc systems what spy what you do with your computer, internet connection.

30 Million US dollars you get good basic "stone" for everything else.

One is main problem, echelon, The Teletext tag recording obligation, as well as other laws, may take years to begin investigating things. Although the school taught, still.

[MysteryMiner]

Cash out in small amounts in person. It is not that hard.

Forget about ECHELON. That 1970-ties thing is outdated just as much as paranoid hippies and aliens with anal probes. Now the threat is malware and cloud services that logs and keeps everything. Obfuscate the transactions trough some mixer and green address and never link the coins with your person.

[CristianOff]

Cash out in small amounts in person. It is not that hard.

Forget about ECHELON. That 1970-ties thing is outdated just as much as paranoid hippies and aliens with anal probes. Now the threat is malware and cloud services that logs and keeps everything. Obfuscate the transactions trough some mixer and green address and never link the coins with your person.

Cloud services keep log of everything?
I didn't know that. So you're telling me that a hacker using AWS to host their deep web / dark web website is not safe? I thought cloud services would mind their business lol
It's good on one side, but I feel there is a spy everywhere now.
Or maybe you mean cloud services like those on our smartphone?


In any case I think that cashing out in small amounts in person may not be a viable solution. At the end you will still get to have your houses and cars as a hacker and someone gets suspicious there.
I doubt a hacker would get into  drugs. They would rather find a way to do money laundering rather than getting into other illegal stuff I guess. There was a case of someone who tried to lie that they mined, but with blockchain analysis someone found out that this is not how it works and the guy got caught 

The alternative of buying hashing power sounds decent 

In any case, the purpose of the topic is to find as many ways a hacker would try to "cash out", good or bad does not matter.

[semobo]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

They doesn't owe any tax to be paid because their income is not recorded so they can cashout smaller amount with multiple individual accounts or can spend as cryptos itself in the darkweb where you can buy anything in this world from any corner.

[Ucy]

Most people buy drugs on bitcoin, its solution if not want to go on drug rehab, and money problem. Its gone some bitcoin hashers payroll, it is wrong.

Lamborghinis, booze? If I have 750 000 US Dollars, buy bitcoin hashing power all the money. There are Echelon etc systems what spy what you do with your computer, internet connection.

30 Million US dollars you get good basic "stone" for everything else.

One is main problem, echelon, The Teletext tag recording obligation, as well as other laws, may take years to begin investigating things. Although the school taught, still.

You mean most people buy drugs with bitcoin? Where did you get this information from? Source/sources?
What drugs are you referring to, by the way? Drugs to treat headaches, cancer, ulcer, maleria, diabetes?

[josephsonand]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

There are various semi-legal or illegal ways of withdrawing funds from the country, there are countries where no one will ask you about where you got this money from. You put this money at interest and live on the money earned from this contribution.
This is just one way. There are many other schemes of action.
But it’s better, of course, not to do anything against the laws. It may end badly. And then they will show you on TV that you stole the money.
Moreover, it’s even more important not to harm others. After all, someone had all their savings in cryptocurrency, and then some person steals them. Karma will always come sooner or later, and balance injustice.

[Hannu]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

There are various semi-legal or illegal ways of withdrawing funds from the country, there are countries where no one will ask you about where you got this money from. You put this money at interest and live on the money earned from this contribution.
This is just one way. There are many other schemes of action.
But it’s better, of course, not to do anything against the laws. It may end badly. And then they will show you on TV that you stole the money.
Moreover, it’s even more important not to harm others. After all, someone had all their savings in cryptocurrency, and then some person steals them. Karma will always come sooner or later, and balance injustice.

I think 30 Million US dollars is worth of risk. How many 2,85 Ph/s containers you get for it.   "Dealer" meeting two times one week.

[CristianOff]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

There are various semi-legal or illegal ways of withdrawing funds from the country, there are countries where no one will ask you about where you got this money from. You put this money at interest and live on the money earned from this contribution.
This is just one way. There are many other schemes of action.
But it’s better, of course, not to do anything against the laws. It may end badly. And then they will show you on TV that you stole the money.
Moreover, it’s even more important not to harm others. After all, someone had all their savings in cryptocurrency, and then some person steals them. Karma will always come sooner or later, and balance injustice.

I also share this opinion and agree that stealing is bad. However what if, you magically identify a vulnerability in an ethereum account specifically worth $30 millions in ETH. 99% of hackers will not return
the amount, 0.9% will return the value / not touch the ethereum, the remaining 0.1% will ask for a 5-10% reward for returning the amount. Which one are you?

[Hannu]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

There are various semi-legal or illegal ways of withdrawing funds from the country, there are countries where no one will ask you about where you got this money from. You put this money at interest and live on the money earned from this contribution.
This is just one way. There are many other schemes of action.
But it’s better, of course, not to do anything against the laws. It may end badly. And then they will show you on TV that you stole the money.
Moreover, it’s even more important not to harm others. After all, someone had all their savings in cryptocurrency, and then some person steals them. Karma will always come sooner or later, and balance injustice.

I also share this opinion and agree that stealing is bad. However what if, you magically identify a vulnerability in an ethereum account specifically worth $30 millions in ETH. 99% of hackers will not return
the amount, 0.9% will return the value / not touch the ethereum, the remaining 0.1% will ask for a 5-10% reward for returning the amount. Which one are you?

Stealing I more prophet? When your future 30 Million US dollars? Money solution for many things!

[boyptc]

There are plenty of ways for these robbers to cash out. They are not dumb enough to transfer it in huge amounts because their funds might get frozen and I think they can handle huge amount of money.

There are mixers or use coinjoin to mix it up which is basically what happens and then withdraw it in batches, average amounts per batch, IMO.  As per tax, I don't know if they are paying it because they are robbers which means they might avoid it. They would probably go with cash to cash basis and no bank transfers, it's confusing too I don't know, I haven't got that much money and that made me confused as well what they do with that vast amount of money. I wish that they'll just stop as soon as possible so the reputation of crypto would be retained.

[NotATether]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

They doesn't owe any tax to be paid because their income is not recorded so they can cashout smaller amount with multiple individual accounts or can spend as cryptos itself in the darkweb where you can buy anything in this world from any corner.

Exactly. The authorities have no idea that those hackers are in possession of illicit funds so they are able withdraw them quietly, and then turn them into Monero or Dash or any other crypto that has an obfusticated ledger.

Also nobody is going to buy $750K of hashing power on a cloud miner. That would be too easy to detect as fraud.

[Hannu]

Imagine a hacker got $750k in bitcoin or ethereum heist. What excuse will they use when cashing out and speaking to the tax authorities? Will they simply lie about mining? (Blockchain analysis is a thing so I doubt)

Now what if the amount of hacked value changes to say $30 millions. Are banks not going to get suspicious about how those guys generated so much money?

They doesn't owe any tax to be paid because their income is not recorded so they can cashout smaller amount with multiple individual accounts or can spend as cryptos itself in the darkweb where you can buy anything in this world from any corner.

Exactly. The authorities have no idea that those hackers are in possession of illicit funds so they are able withdraw them quietly, and then turn them into Monero or Dash or any other crypto that has an obfusticated ledger.

Also nobody is going to buy $750K of hashing power on a cloud miner. That would be too easy to detect as fraud.

Yeah, if my life is on-line, about 30 Million US Dollars. Like it is, i will do it so i can start my bitcoin hashing business. It's difficult to get funding, or you have just 4 minutes to explain what you want.

[sweetbet]

They'd probably divide the money among different accounts and withdraw it a little bit at a time.