Why do hackers steal huge amounts of bitcoins?

[gentlemand]

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.

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[BlackHatCoiner]

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?

[mindrust]

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]

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]

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. 

[BlackHatCoiner]

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

[mindrust]

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.

[MCobian]

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.

[jademaxsuy]

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.

[Zackgeno96]

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.

[maydna]

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.

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.

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.

[AjithBtc]

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.

[dothebeats]

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.

[mezzaluna]

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.

[Taskford]

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.

[CarnagexD]

Maybe, they steal bitcoin because they can't work so hard or their patience is not that strong to start an investment to engage in using bitcoin.

For me, I think that's the reason why they are doing those scamming and hacking incidents in most of the platforms where people are accessing their bitcoins. Those hackers are not effective in growing money with themselves and they want instant money. That's the reason why people are keep on hacking bitcoin because the definition of bitcoin for them is that it is a quick rich scheme where they don't need to deal with the market with their own manipulation, they will just have a bitcoin instantly.

[Latviand]

They steal because they are criminals in the online world and there's no distinction between offline and online, they are still criminals in the eyes of the law.

All of those things that violates the law are illegal, and stealing the money that you didn't worked hard for is clearly unauthorized.

hackers who steal bitcoins always have ways to launder money and leave no trace, they always calculate in advance, if they stole bitcoins to do nothing, they did not, there are doubts that hackers money laundering with eth transaction fee

One of the reason why people are keep on stealing other people's btc is because, most of the authorities can't track them easily. Their effort is not enough to locate and find those hackers so that they will become accountable for the crime that they commit. We all know that no one is above the law, but they are making good escape after they steal a lot of money. We just need to become more careful about our assets because in reality, if the authority will not do their best to stop those hackings, we will live in this life where they will continuously do that .

[plvbob0070]

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.

I would agree with this. They won't have the courage to steal a huge amount of bitcoin if they don't know what to do and how to escape from it without getting traced. Also, they are smart and they know what they are doing, as well as the consequences of stealing huge funds.

It's just like the same as how others steal money. They have their plans (like what others have mentioned) before doing something like that. They won't steal if they don't know what to do. They are hackers after all others have the knowledge and skills to escape.

[thesmallgod]

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.

When robbers go to bank, they don't really have amount they want to steal before they left for robbery. They still as many as they can and part of the reason why they are being caught. The same thing apply to hackers. They hack accounts and ones they see huge amount of btc, they become nervous to steal everything. Crime charges very from country to country, while some country might have a long jail term for this act, some might not depending on the scenario and how much the criminal is ready to corporate

[ranochigo]

1) How exactly can a hacker escape with a mixer?

With a mixer, the hacker can obfuscate their identity before using the service. The mixer will attempt to break the linkage between the coins that were sent to them and the coins that are sent to the destination address. It's not a foolproof way but it is able to make your coins untraceable to a good percentage. If done correctly, there shouldn't be an easy way to prove that the coins were once from an X hack for example.

2) Why do mixers exist?

To complement the idea that Bitcoin should help with the user's privacy. Mixer breaks the linkage of the coins and outsiders won't be able to track where the coins came from. This helps to obscure the user's spending habits for example.