fiulpro
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February 11, 2022, 04:35:10 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
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CryptocurencyKing
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February 11, 2022, 09:25:40 PM |
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What impact do you think this will have on bitcoin price if the total seizure were back into circulation?
It would be nothing new and nothing far from what happens when the law of demand and supply applies and that is, flooding the market with more bitcoins and should that be of significant, it would push the market to being bearish but, the market is sure to recover shortly afterwards. Though, I don't think the government would want to do that. Perhaps the next good thing would have been to see how they could compensate indigenous users of the exchange but, there no support for bitcoin could be some reason in the way. Coupled with what ever conspiracy they might have.
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fullhdpixel
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February 11, 2022, 09:48:09 PM |
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I would estimate that these type of money should be nothing for the size of a company bitfinex is, and that is why it didn't really impact anything. And the "funny" situation of it really caused it to be a bit more blunt and not really impact anything in a long period of time neither and since they are "caught" as well so it is not really a big deal.
I would assume that doing it 10x bigger amount or so and getting away with it could have been a bigger deal but at the same time that did not happen so we would only be able to guess these type of things. If you are in the crypto world and you trust exchanges with your money then you have to accept the fact that it could be hacked.
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Mahanton
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February 11, 2022, 10:59:14 PM |
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What impact do you think this will have on bitcoin price if the total seizure were back into circulation?
It would be nothing new and nothing far from what happens when the law of demand and supply applies and that is, flooding the market with more bitcoins and should that be of significant, it would push the market to being bearish but, the market is sure to recover shortly afterwards. Though, I don't think the government would want to do that. Perhaps the next good thing would have been to see how they could compensate indigenous users of the exchange but, there no support for bitcoin could be some reason in the way. Coupled with what ever conspiracy they might have. All for now would be assumptions that there would be some sort of compensation but they have already done that in the past which it is unlikely that they would be given some of those coins recovered. It is indeed for sure it would make out some impact but not really that much considering into those number of coins which wouldnt really be that enough on taking the market down unless if there would be some sort of FUD which make things even more worst but for now all of those things are just presumptions and theres no guarantee that it could happen. Lets just see and wait on what would be the future updates for this one.
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7788bitcoin
Legendary
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Activity: 2282
Merit: 1023
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February 11, 2022, 11:52:04 PM |
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$3.5 billion recovered out of the stolen $4.5 billion by the couple: Heather Morgan and Ilya Lichtenstein after a thorough investigations, they were arrested by the US department of Justice for being the masterminds behind the hack of Bitfinex exchange in 2016 claiming about $4.5 biliion Not sure how i missed this news, a couple behind the hack, looks like a bond movie. So what about the $1 billion, they stashed it somewhere and usually in situations like a major hack or a major theft they usually do not recover everything and a major portion will be missing, so these hackers will get hold of the money once they get our of the jail. What impact do you think this will have on bitcoin price if the total seizure were back into circulation?
Usually they would return to the exchange and it is not going to be in circulation all of a sudden, if not they usually auction off these. I do not see any major changes to the price because of this.
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TimeTeller
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February 11, 2022, 11:55:00 PM |
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$3.5 billion recovered out of the stolen $4.5 billion by the couple: Heather Morgan and Ilya Lichtenstein after a thorough investigations, they were arrested by the US department of Justice for being the masterminds behind the hack of Bitfinex exchange in 2016 claiming about $4.5 biliion Not sure how i missed this news, a couple behind the hack, looks like a bond movie. So what about the $1 billion, they stashed it somewhere and usually in situations like a major hack or a major theft they usually do not recover everything and a major portion will be missing, so these hackers will get hold of the money once they get our of the jail. What impact do you think this will have on bitcoin price if the total seizure were back into circulation?
Usually they would return to the exchange and it is not going to be in circulation all of a sudden, if not they usually auction off these. I do not see any major changes to the price because of this. We will not see the impact in the market as long as the government is holding it. Usually, they put it in auction after years of holding, because there will be investigations and documentations that will be done first. And as we have observed, even after the auction, the price comes back to normal. For me, we don't have to worry about this because it may not happen anytime soon and won't be a determining factor of the btc fate in the market.
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adaseb
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February 12, 2022, 03:38:53 AM |
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They are not going to put it thru auction like they did in the past. When they were auctioning off bitcoins in the past it was coins which were seized from Silk Road and such. These coins belong either to Bitfinex or the users who had funds back in 2016.
Most likely they won’t hold them for long. Maybe until after the trial. And then most likely sent to Bitfinex and where it goes from there is anyone’s guess. No idea if users will be compensated or if it belongs to Bitfinex legally.
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stompix
Legendary
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Leading Crypto Sports Betting & Casino Platform
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February 12, 2022, 12:43:24 PM |
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Not sure how i missed this news, a couple behind the hack, looks like a bond movie. So what about the $1 billion, they stashed it somewhere and usually in situations like a major hack or a major theft they usually do not recover everything and a major portion will be missing, so these hackers will get hold of the money once they get our of the jail.
There is no billion anywhere. Those $4.5 billions are the total amount the entire stash of bitcoins would be worth now, but the two tried a lot of times, unsuccessfully to launder those coins, starting with early 2017, and by that time one coin was under 1k. For example one of their deposit to a Cex identified was frozen somewhere in March 217 with $186,000, which was around 200 BTC which could be said is now $8.5 million worth but those are long gone. The couple managed to get almost 1 million dollars out of exchanges but that while spending 1000 coins worth now $42 million. Most of that money was already frozen when they miserably failed time after time to provide documents, so no, there is no billion left anywhere.
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darewaller
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February 13, 2022, 03:25:41 AM |
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There is no billion anywhere. Those $4.5 billions are the total amount the entire stash of bitcoins would be worth now, but the two tried a lot of times, unsuccessfully to launder those coins, starting with early 2017, and by that time one coin was under 1k.
For example one of their deposit to a Cex identified was frozen somewhere in March 217 with $186,000, which was around 200BTC which could be said is now $8.5 million worth but those are long gone. The couple managed to get almost 1 million dollars out of exchanges but that while spending 1000 coins worth now $42 million. Most of that money was already frozen when they miserably failed time after time to provide documents, so no, there is no billion left anywhere.
Honestly it doesn't even matter because if they could have withdrawn to bitcoin somewhere, if they kept some bitcoins to this day, then they would be still quite rich. Laundering bitcoin is not really "that" difficult, why they end up with this type of problem is beyond my understanding. There are mixers everywhere and if you really want to do it, just use monero and hide your wealth and you would be able to withdraw small by small. Nobody really needs a billion dollars anyway, if you could just withdraw 10 million dollars a month, from like 20 even 50 different names which would be people around you basically, and then give them a share, then you could actually do it. 50 different people would be the hard part if you are stuck at home all the time but if you are a popular person you should be able to convince that many people, which makes it only 200k dollars per month and would fly under the radar if you could be careful. If not, just one person? It is still like 500k per day from somewhere if you launder it from monero.
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stompix
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February 13, 2022, 12:47:43 PM |
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Honestly it doesn't even matter because if they could have withdrawn to bitcoin somewhere, if they kept some bitcoins to this day, then they would be still quite rich. Laundering bitcoin is not really "that" difficult, why they end up with this type of problem is beyond my understanding.
Because the theory behind a monitor is different from real life. There are mixers everywhere and if you really want to do it, just use monero and hide your wealth and you would be able to withdraw small by small. How do you hide your wealth? This is not about hiding your wealth from other poeple so they don't whose know house this is, this is about hiding your wealth from the IRS. You go and buy a 30k car, with what money if you're unemployed? You buy a 300k house, again with what money? It doesn't matter what you used to launder your money, from monero to mixers, you have solved one problem, the tracing from where the coins originated, but you can't hide the physical wealth and you can't hide real-life purchases. Nobody really needs a billion dollars anyway, if you could just withdraw 10 million dollars a month, from like 20 even 50 different names which would be people around you basically, and then give them a share, then you could actually do it.
They weren't able to withdraw 178k and 122k in 3 months from an exchange and you're talking about 10 million a month? Oh, let 50 poeple know that you have billions, and let your family share your prison time. Do you think Cex and banks and the IRS are stupid? They have reports of poeple withdrawing money from exchanges when they see entire families withdrawing in each of the member's names cash what do you think they will do? 50 different people would be the hard part if you are stuck at home all the time but if you are a popular person you should be able to convince that many people, which makes it only 200k dollars per month and would fly under the radar if you could be careful.
Exactly, contacting stranger after stranger to help you exchange coins to fiat and have that sent to you in a parcel to a PO box won't trigger any flags from them, there won't be anyone ratting you out to the FBI and there won't be anyone blackmailing you after this.
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DrBeer
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February 13, 2022, 02:32:24 PM |
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Tell me - what is real through the exchange, to withdraw a huge amount of fiat, having previously brought there a huge amount of cue ball, which is stolen and whose "path" can be traced? No, we are not talking about 5,000 or 50,000 dollars, I'm talking about those same tens or hundreds of millions? It seems to me that the withdrawal route is through the exchanges, especially the ones that are quite "law-abiding", well, is it somehow stupid or what? There are a lot of problems on the way of withdrawal - from registration and passing the KYC, to the technical possibility of blocking the account / accounts of scammers at any time.
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Oceat
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February 13, 2022, 04:57:51 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
By the way, do you believe that those were the real hackers? It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers. Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.
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DrBeer
Legendary
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Activity: 3906
Merit: 2147
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February 13, 2022, 08:25:41 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
By the way, do you believe that those were the real hackers? It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers. Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level. I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid
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24Kt
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Activity: 1092
Merit: 67
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February 14, 2022, 11:01:18 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
By the way, do you believe that those were the real hackers? It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers. Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level. I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation.
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arwin100
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February 14, 2022, 11:10:21 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
By the way, do you believe that those were the real hackers? It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers. Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level. I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation. The hacking reason is just a crap and this is a planned act so expect that there was a huge cover up because they can do it since there's a lot of money taken so they can paid anyone just not to let their name float. Better avoid trading at that exchange anymore since this is so huge and I think there reputation has been ruined for that incident.
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DrBeer
Legendary
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Activity: 3906
Merit: 2147
Payment Gateway Allows Recurring Payments
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February 17, 2022, 06:41:55 PM |
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First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.
By the way, do you believe that those were the real hackers? It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers. Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level. I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation. In this case, the withdrawal of money through dummy "actors", but rather "clowns" is a very stupid idea! It feels like a certain group acquired from real thieves, in non-exchange conditions, accounts with stolen cue balls. And then I decided to convert them to fiat, hoping that no one would understand. I am sure that _hackers_ are well versed in broad knowledge of the subject area, and would not, to put it mildly, in an idiotic way, withdraw funds, knowing full well what risks there are and what counter-measures will be taken against merchants of the stolen goods.
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Tellek Garing
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February 18, 2022, 04:21:16 PM |
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The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.
I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.
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DrBeer
Legendary
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Activity: 3906
Merit: 2147
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February 19, 2022, 11:17:42 AM |
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The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.
I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.
with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket"
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ultrloa
Legendary
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Activity: 2884
Merit: 1259
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February 19, 2022, 12:18:12 PM |
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The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.
I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.
with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket" Indeed it will not affect the market since the evildoer will not dump all those stolen amount in bulk they dump it little by little so that people will not notice their illegal activities done recently. For sure they already plan their exit so expect those amount might be seen once this issue sink and replace by different one so for worrying about the possible dump well in my opinion we don't need to worry about that.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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CaVO32
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February 19, 2022, 10:49:38 PM |
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The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.
I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.
with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket" Indeed it will not affect the market since the evildoer will not dump all those stolen amount in bulk they dump it little by little so that people will not notice their illegal activities done recently. For sure they already plan their exit so expect those amount might be seen once this issue sink and replace by different one so for worrying about the possible dump well in my opinion we don't need to worry about that. We have already seen a lot of hacking incidents and seizure of big amount of bitcoins. And they only influence the market at a short period of time. Let us say for example, the government will put up the seized bitcoins into auction, only few days that they will make a dent in the market. But after several days or so, we are back again to where it was. You can also compare the amount to the amount in circulation, and calculate its percentage and you will already know what impact it can give to the btc market.
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