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Australian drug raid officers seize $350,000 in Cryptocurrency
- pavel_lishin 8y agoI wonder if this means they actually moved the money to wallets under their control, or if they just took control of the private keys.
- drcode 8y agoThey'd have to be pretty dumb to only take control of the private keys, since this means another person with the keys could still slip away with the money at any time.
- gowld 8y ago"Taking control of a piece of information [from someone else]" is mostly a misnomer/paradox, unless you have a way to identify and destroy all co-owners of that information.
- sillysaurus3 8y agoidentifying and destroying all co-owners of certain information Not a bad plot for a movie. Reminds me of Sync https://www.youtube.com/watch?v=vhjimhX9d5U https://www.youtube.com/watch?v=vhjimhX9d5U
- deleted 8y ago[deleted]
- kazinator 8y agoNo, it likely means that the cops took some monitors and hard drives and declared that they now have the cryptocurrency.
- trhway 8y ago>moved the money to wallets under their control reminded about that story recently when a Russian anti-corruption police officer was arrested with $123M found at his apartment (looks like he worked from home a lot :). Money were seized and moved to something like FSB storage (the arrest is part of the turf fight between FSB and Internal Affairs Ministry and that round went to FSB) and later the money were shipped to Savings Bank of Russia (controlled by government) - as a result $3M were lost somewhere.
- ryandrake 8y ago> There they found “cocaine, computers, mobile phones, a diamond ring, $70,000 cash and $350,000 worth of cryptocurrency“. Yet the headline and article largely ignore the other stuff found in the guy’s home and for some reason focus on the cryptocurrency. I guess it draws more eyeballs than “cops find a bunch of valuable stuff in drug raid.”
- theamk 8y agoWell, have you seen the submission domain? > ZyCrypto is a Cryptocurrency news Breaking and Information Website Focusing On Daily News, Coins Analysis, Reviews and so much more. I am sure other news sources would have reported this differently. Update: itnews.com.au actually also highlighted cryptocurrency, but they also mentioned that arrest was made with a help of "state crime command’s cybercrime squad". I'd think that that cybercrime squad wanted to show off something only they can do.
- rhizome 8y agoI'm not a fan of crypto$, but it is out of the control of the State. I can imagine a campaign to delegitimize crypto$ by raw association with the underworld.
- TylerE 8y agoCrypto seems to be doing a fine job of that on it's own, by ACTUAL association with the underworld/fruadsters/exit scammers.
- 456hdsaq234g 8y agoand investment banks, but to be fair they are probably also included in the groups you mentioned.
- rhizome 8y agoThis is basically an "I don't know why anybody's surprised" reply. The point is popularizing the connection, not establishing it, which as you point out already exists.
- paulpauper 8y agothey must have been dumb to keep the only copy of the keys on a hard drive. should have committed the 12 words to memory or put it on an encrypted google drive or something
- JumpCrisscross 8y ago> should have committed the 12 words to memory or put it on an encrypted google drive This is a stupid strategy to rely on if you've just been arrested.
- pwagland 8y agoThat's a good guess at the passphrase… but it's thirteen words not twelve :-)
- whoopDerpHurr 8y ago13? https://brainwallet.io?12#random https://brainwallet.io?12#random
- idfoinbvc 8y agoDidn't even have full disk encryption? Or if they did, how was it compromised?
- Sir_Substance 8y agoI'm guessing that means his storage wallet wasn't BIP38 encrypted. There's a lesson there, even if we are learning it from a drug dealer.
- quickthrower2 8y agoIndeed, it wouldn't surprise me if cryptolocker or it's ilk will look for bitcoin (etc.) private keys while it's doing it's evil stuff from your PC. So physical access is not a requirement. To some extent one should assume everything on your PC could be accessed by a criminal (like your house... which is why people buy safes)
- samatman 8y agoPlease update the headline, it's $450,000 worth of cryptocurrency. [edit] $330,000
- zeta0134 8y agoI'm trying to decide if you're joking, or if the cryptocurrency is really that volatile. That I have to ask is... worrying.
- notadog 8y agoHe's joking. As of now, the police haven't reported which cryptocurrency was seized or how much. The police have only stated that "$350,000 worth of cryptocurrency" was seized.
- ioquatix 8y agoIt's actually only half a crypto coin.
- whatsstolat 8y agoMainstream media article https://www.google.com.au/amp/s/amp.smh.com.au/national/nsw/vaucluse-man-arrested-over-dark-web-drug-importation-ring-20180608-p4zk7v.html https://www.google.com.au/amp/s/amp.smh.com.au/national/nsw/...
- whoopDerpHurr 8y agoThe amazing thing about this is that cryptography could not be used (or was simply neglected) in order to secure cryptocurrency. People did not take care to lock their cryptographically secure currency behind strong encryption, to preclude awareness of the belongings at all or siezure thereof.
- DennisP 8y agoIt's not completely trivial to secure crypto against government confiscation, without adding risk of accidental loss from hardware failure or forgetting something.
- 5DFractalTetris 8y ago...It's unusual to me that Australians do police.
- hndamien 8y agoHAHA, they’ll never get my crypto! Cops seize crypto. Cops sell crypto.i don’t really understand how this keeps happening.