5 ms·

I don't know much about bitcoin, but how hard would it be to actually exchange that money for US dollars?

duxup 8y ago
If you're in the US getting dollars wouldn't be hard. Laundering it appropriately that wouldn't raise questions might be a bigger issue. By no means impossible but a challenge that all by itself could get you in trouble.
localhostdotdev 8y ago
doesn't seem that hard, launder it through mixers and then sell it on unregulated exchanges at a discount, maybe use localbitcoins too.
jerguismi 8y ago
Small amounts are somewhat easy to exchange, if you want to exchange millions it gets much, much more difficult since you have to explain the source of funds to the exchanges and banks involved. If you have hacked them they will use blockchain analysis etc.
- diffset 8y ago
  they will use blockchain analysis Tumbling the coins would help with this, right?
  - swinglock 8y ago
    If you have to explain where it's from it may be more suspicious if it looks like you took steps to hide the origin, calling for even more detailed proofs.
    - aeternus 8y ago
      Does any currently operating exchange actually care about the origin of coins?
      - ar4s 8y ago
        Most of them [exchanges]]will have tagged stolen coins from known hacks so when they are deposited the account is flagged/locked. Tumblers/mixers are the most likely place to pick these up.
WhiteOwlLion 8y ago
ShapeShift was popular with ETH thieves. Convert & tumble. Not sure now with ShapeShift moving towards KYC requirements.
zaarn 8y ago
It'd probably be easier to just withdraw a small monthly amount (<500$) to pay for bills and such. I'd be a good way to pay for non-essential things, maybe even rent.
- emerongi 8y ago
  If you're small-scale then this works. I imagine big wallets are being tracked by governments, you probably don't want to create a log that can be traced to you. Ultimately, big-scale heists will always need money laundering.
  - zaarn 8y ago
    Laundering on a blockchain should be fairly simple (Monero or ZCash can be used to filter the money).

If you're in the US getting dollars wouldn't be hard. Laundering it appropriately that wouldn't raise questions might be a bigger issue. By no means impossible but a challenge that all by itself could get you in trouble.

localhostdotdev 8y ago

doesn't seem that hard, launder it through mixers and then sell it on unregulated exchanges at a discount, maybe use localbitcoins too.

jerguismi 8y ago

Small amounts are somewhat easy to exchange, if you want to exchange millions it gets much, much more difficult since you have to explain the source of funds to the exchanges and banks involved. If you have hacked them they will use blockchain analysis etc.

diffset 8y ago
they will use blockchain analysis Tumbling the coins would help with this, right?
- swinglock 8y ago
  If you have to explain where it's from it may be more suspicious if it looks like you took steps to hide the origin, calling for even more detailed proofs.
  - aeternus 8y ago
    Does any currently operating exchange actually care about the origin of coins?
    - ar4s 8y ago
      Most of them [exchanges]]will have tagged stolen coins from known hacks so when they are deposited the account is flagged/locked. Tumblers/mixers are the most likely place to pick these up.

WhiteOwlLion 8y ago

ShapeShift was popular with ETH thieves. Convert & tumble. Not sure now with ShapeShift moving towards KYC requirements.

zaarn 8y ago

It'd probably be easier to just withdraw a small monthly amount (<500$) to pay for bills and such. I'd be a good way to pay for non-essential things, maybe even rent.

emerongi 8y ago
If you're small-scale then this works. I imagine big wallets are being tracked by governments, you probably don't want to create a log that can be traced to you. Ultimately, big-scale heists will always need money laundering.
- zaarn 8y ago
  Laundering on a blockchain should be fairly simple (Monero or ZCash can be used to filter the money).