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I always wondered how the hackers can get the money out of bitcoins to a fiat currency without exposing who they are. If they transfer it to an exchange, the ex
by adrr 9y ago
I always wondered how the hackers can get the money out of bitcoins to a fiat currency without exposing who they are. If they transfer it to an exchange, the exchange will know where the bitcoins came from being that transactions are open for everyone to see.
- pmorici 9y agoIn the case of past thefts high level executives of a Bitcoin exchange were in on the hack and facilitated laundering the stolen coins. https://www.reuters.com/article/us-greece-russia-cyber-extradition/greek-court-clears-u-s-extradition-of-russian-bitcoin-fraud-suspect-idUSKCN1C90QR https://www.reuters.com/article/us-greece-russia-cyber-extra...
- ktta 9y agoThey usually don't. They just stay in the attacker's addresses. I would say the best way to go would be to using bitcoin mixing services, but then the attacker would open themselves upto a huge risk of getting caught if the mixing wasn't perfectly secure, when they eventually go to an exchange.
- volker48 9y agoThere are a few ways I can think of. The first address they send the hacked coins to (a1) will most likely be black listed by some exchanges. However, the hackers could create thousands of new addresses and transfer the coins from a1 to the new addresses. Then do that again. All exchanges would have to monitor all addresses that a1 ever sent coins to. They could do this, but I'm not sure how many exchanges would actually do this. All it takes is one exchange to accept the hacked coins then the hacker can sell the BTC for something like ETH. Another option would be OTC trades, but that would take a really long time to sell 4000 BTC.