Why do hackers steal huge amounts of bitcoins?

[verita1]

Once again the vulnerability comes to light, the interesting thing is that the CEOs of the top of the exchanges have joined forces to prevent the hacker from claiming Bitcoin. Attacks are happening very often we must be alert and safe. Fortunately we are noticing that exchanges are reordering security systems.

[adzino]

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.

Why wouldn't they? They are hackers. Someone being careless about their coins and the hackers wouldn't mind taking it. They find vulnerabilities on exchanges and they use it for their own benefit. They are making easy money from it.They don't have the same "frame of mind" like us. They don't differentiate or can't differentiate between what is right or wrong. They don't have any morals and don't actually care about being low. So easy money is one of the reason why they do this.

And like others said, they can use mixers to obscure their transactions. They can even spend it on something else like buying stuffs with bitcoin where they don't need to provide ID and later sell those stuffs.

[Nhor1011]

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.

Why should hacker steal? Because they are hacker that want to get rich instantly from the funds and wealth of others.
Even in a long time they can't hide from the authority because they have a case. Even they keep bitcoin in a long term,it will be traced. Wherever they go and hide i'm sure the authority will find them. Always remember "No one can Escape".

[Oceat]

I think you already know why they hack huge amount and not just some tiny amount on a single address. They hack because they know they won't get caught as long as they know how to clean Bitcoin through mixer and nobody's going to suspect that it was them. That's quite an easy money and I believe it is not done by a single person since most of hacking that I know is either inside job or planned carefully for months or years before they attempt to do it.

[Asuspawer09]

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.

I guess transactions could be traced in the blockchain and you could probably trace it the scam funds are already moved somewhere.

But I guess they could easily use some bitcoin mixer to hide every transaction and also even if the transaction could be trace probably we don't really know the locations of this scammers, they are probably not in your country so it's gonna difficult to find them and report them to the authorities so they are just going to continue hacking bitcoin if it is easy to earn some bitcoin in there.

[StonerStanley]

Indeed, hackers will leave footprints if they try to transfer funds from hacked account. More so to speak that they are targeting vulnerable funds; thus, susceptible for an attack.
However, most of these attacks were very successful that they can still managed to get btc and convert it into fiat. However, if there are individuals trying to hack, they would be very big and well funded. In addition, attacks through phising websites and application can be worth noting. Note that most hacks happened in huge markets like bitfinex, binance, huobi and etc. Recent event on twitter would not be considered a direct attack to btc, rather they are accumulating btc from scammed victims. Well, time will tell what made hackers do what they do. Are they trying to test the system of bitcoin or are they trying to proved something they are good about?

They do it for money.

Trying to test the system or proving something....  .

Most of the attacks could have been made by someone who aren't even a hacker but just a little developper or script kiddie with a bit of determination.


Officer: "Why did you stole bitcoin from people ? "

SK: "I was just trying the system bruh    pentesting Bitcoin against giveaways scams"

[target]

Money has always been motivation. Scammers and robbers also have the same motivation, its always been the money. And every one of them thinks they can get away with what they do. Some of them may actually do but with the help of pros, they'd be apprehended.

Cashaa hacker wasted time since he can't get it nad exchanges today will have it frozen if sent to them. He had proven his hacking skills though.

[pixie85]

Exactly! They won't set their foot into dirty doings without knowing their way out. It is not like letting themselves getting caught in the end, so what's the point of stealing if they won't get the chance to use it  .

And yet many of them are so lazy and stupid they often do hang themselves. It only takes one slip to blow your anonymity.

The address that was posted on all of the hacked Twitter accounts has had past transactions to exchanges. The chances are there's some link to ID somewhere along the way.

Quite a few dark market druggists have sent funds directly from sales to exchange accounts that sent the pigs straight to their door.

Also once you begin hacking, scamming and stealing, you don't stop. Those people who did it once will keep on trying and one day someone will find them and get it all back.
 
DPR knew they were after him, they even knocked on his door and asked him a few questions without knowing who they were talking to and he did not run. He kept living in the same apartment and going to the same library to work on his marketplace.


About stupid thieves

https://brnodaily.com/2017/10/12/breaking-news/czech-man-sent-to-prison-for-stealing-bitcoins/

That guy was caught because when he stole those coins he bought houses for himself and his parents.

THere are more cases like that one all over the internet.

[fiulpro]

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.

Few things to keep in mind :

1. They can use wallets which do not need KYC
2. Use mixing services
3. Make many loops which would make it difficult to track
4. Most Governments won't bother with Bitcoins much and send you a warning how you shouldn't have used it , but there are Countries where now they are a protected assets
5. People even use Bitcoin ATM's to scam people which makes it way harder to track .

It's not difficult but it's hard plus most people employed by the government needs to be efficient in tracking down the cryptocurrencies and such , therefore it does have many downsides .

Plus people think that they are super private but privacy does depend on number of factors like your wallet company, from where and how you are receiving or sending , is KYC necessary ? There are many factors to consider.

[TEX-LXRY]

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.

This is your assumption that the hackers wants to convert them to FIAT. Those who does hacks have months of planning before they hack they have all the things in-line, They have people who can buy btc from them. The hackers can also buy things from bitcoins anonymously time by time and sell them. They can do a lot from these kind of big hacks. Also if a hacker is risking then he will go for big not for a coin or 2.

And about the footprints I have never seen some bitcoin hacker got arrested, Stay safe!

TEX-LXRY

[Yatsan]

Frankly, the answer to the question was really very simple. A hacker or even a scammer do steal a big bunch of Bitcoin from other people's account because they do want to obtain easy money for their own use and the only possible thing that they think to make it as fast as possible is to do it on an illegal and with a criminal's big move. Since many are really wanting to have Bitcoin and even other cryptocurrencies because of their value, many are turning out to be criminals just to make impossible thing of obtaining cryptocurrencies that instant into a possible thing by doing scamming or hacking.

Big time hackers will not leave any trace or footprints of the crime he make. Only newbies or those that who doesn't really know what they are doing are the ones that are easily track down because of obvious acts they have made. For sure, it takes a lot of courage and effort for the hacker to plan how he will going to execute everything to achieve his goal and will do all to the extent so that he won't get caught for such an act. It was too dumb if you will just hack a big amount of Bitcoin and you would just let yourself be tracked down and get caught easily. For sure those that can attain to do big works are already professional into that field and have the courage to do that.

[FlightyPouch]

Usually, these hackers throw them to mixers so they will be leaving no tracks. And thay point, obviously the price of bitcoin will be affected like the talks of the past dump last month. We can't really say it is mainly because of those hackers but still, with a lot of bitcoins to dump to a mixer, that would leave a mark.

[LogitechMouse]

Easy money.

This money can be used either for good or for bad purposes depending on the hackers but most likely for bad purposes. In this case, the hackers will just use mixing services and it is good to go already. Now the question is if the receiving address does have previous transactions from different addresses to because it can be a loophole for the hackers since they can trace it.

Either way, numerous Bitcoin scams and hacks have happened within the past years. These are just a proofs that we must be more secure when we are holding huge amounts of Bitcoins.

[Wexnident]

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.

Yea not happening. If it were in the real world where data was kept in physical records, possibly, since there are thousands of records that could be added monthly and so, such record may just be buried, but since it's stored on the internet where if you know how to, can be simply looked up, letting it rot for a long time isn't a solution.

~

Even if they do use it in its form as BTC, they'd still be traceable you know? And afaik, exchanges blacklist said marked wallets so that they aren't able to use their services. As for e-commerce stores that accept BTC, they also probably have some sort of setup for that, and even if they don't, there'd be more of it in the future.

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

And that's why there are trusted mixers out there. They basically ask for a fee when mixing your coins, making quite a profit in the long run. Ofc, there are mixers that are scams, but mixers have been out there for a long time already that you can already look up those trusted and those that are not.

[Twinkledoe]

A mixer can be used to hide or disguise the bitcoin footprint ?

Exactly what I was going to say, you could put the coins through a mixer multiple times in batches. It should clean them up, you could sell a bunch P2P on Localbitcoins & nobody would be any wiser.

This is the reason why some mixers got the reputation of mixing ill gotten bitcoins. But that's the purpose of mixers, anonymity at its best. But if you are a user who wants to use this kind of service, better use the known and reputable bitcoin mixer, because a lot of them are scammers. The first time you use, you can still get your coins but the second time, they won't release it.

[Lorence.xD]

Like a conventional thief or robber, you will try to get as much as you can carry but in the case of bitcoin, you can take all of it because you do not have to worry about the weight, they can be stored in a HD wallet that is the size of a calculator or phone, regarding their footprint, there are a lot of bitcoin tumblers/mixers that are available, if they are prepared, they might even have their own illegal tumbler where they can process it there, in my opinion a good countermeasure for these is not trying to chase the stolen bitcoin, but rather than that they could atleast flag the stolen coin so that they have a very small options where they can use it and most people do not want to deal with stolen things because they can get implicated.

[ChiBitCTy]

Right now the easiest way to send large amounts of money and as quickly as possible is sending bitcoin/cryptocurrency.  In a way, the fact that hackers now request bitcoin is an advertising example of why it's great as a transacting money system.

[coolcoinz]

Have you ever heard of the people who want to see the world burn? Those are the kind of people you meet at school, where they destroy things just so others can't have it.
If a hacker can exploit a bug or something and get your money, he will do it even if it means the coins get burned or blocked and nobody will have them. They steal because they're opportunists and consequences don't matter. There's always a chance they'll get to spend them one day.

[mydona]

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.

why not? hacker or any criminal won't say why I shouldn't do a wrong thing.

and for footprints and anything related they always find a way to get rid of such stuff, don't forget that such big number makes it easier to pay parts of it to more criminals helping him cleaning it.

[TEX-LXRY]

~

Even if they do use it in its form as BTC, they'd still be traceable you know? And afaik, exchanges blacklist said marked wallets so that they aren't able to use their services. As for e-commerce stores that accept BTC, they also probably have some sort of setup for that, and even if they don't, there'd be more of it in the future.

I believe they are not.
Imagine if a hacker hacks 300+ Bitcoins hacker mixes 1 Bitcoins from 5-6 mixing sites how can you trace it back or if they simply do deposit/withdraw on several sites what then? There are many possibilities for them to leave no tracks man! And tell me some story where they have captured some bitcoin hacker?

TEX-LXRY