4 ms·

What I’ve been curious about this week along with the $120 million badger DAO hack is what does one then do with these hundreds of millions? Do you launder it t

What I’ve been curious about this week along with the $120 million badger DAO hack is what does one then do with these hundreds of millions? Do you launder it through NFT’s, divide it between dozens of wallets and dump it on some other exchange? If you do end up selling it can you expect legal troubles beyond taxes (e.g. the original wallet holders press charges)?

Asparagirl 5y ago
Some amount of the “hot money” — maybe not millions, that’s too unwieldy, but a good amount — can be used to purchase closed-loop gift cards, on websites that allow purchase with BTC. If those cards are from major retailers like Target or Amazon or Walmart, the cards can be used to buy merchandise which is in demand and holds its value well, most likely electronics, which can then be sold on eBay or through Buyers’ Clubs for most of their retail price. But that’s a lot of work and a lot of inventory to manage, so it’s more likely the gift cards would then be sold for about 70-80% of their face value, usually on a site like Raise.com or GiftCardGranny or similar, or even at the automated kiosks that are starting to be available in some chain stores, with the laundered funds being delivered by ACH a few weeks later.
- deleted 5y ago
  [deleted]
Tenoke 5y ago
It depends. There's plenty of hacked funds that are blacklisted and useless. Otherwise you typically go through a tumbler, and then use ineficent methods to cash out like buying gold bars at markup, selling for cheap to associates who will use services like localbitcoins/localmonero/giftcard buying. If you do get caught you can definitely expect legal troubles though.
dabeeeenster 5y ago
Could you trade it for Monero, move it around in monero wallets, then trade out of Monero into ether and then fiat?

4 ms·

What I’ve been curious about this week along with the $120 million badger DAO hack is what does one then do with these hundreds of millions? Do you launder it t

by twright 5y ago

Asparagirl 5y ago
Some amount of the “hot money” — maybe not millions, that’s too unwieldy, but a good amount — can be used to purchase closed-loop gift cards, on websites that allow purchase with BTC. If those cards are from major retailers like Target or Amazon or Walmart, the cards can be used to buy merchandise which is in demand and holds its value well, most likely electronics, which can then be sold on eBay or through Buyers’ Clubs for most of their retail price. But that’s a lot of work and a lot of inventory to manage, so it’s more likely the gift cards would then be sold for about 70-80% of their face value, usually on a site like Raise.com or GiftCardGranny or similar, or even at the automated kiosks that are starting to be available in some chain stores, with the laundered funds being delivered by ACH a few weeks later.
- deleted 5y ago
  [deleted]
Tenoke 5y ago
It depends. There's plenty of hacked funds that are blacklisted and useless. Otherwise you typically go through a tumbler, and then use ineficent methods to cash out like buying gold bars at markup, selling for cheap to associates who will use services like localbitcoins/localmonero/giftcard buying. If you do get caught you can definitely expect legal troubles though.
dabeeeenster 5y ago
Could you trade it for Monero, move it around in monero wallets, then trade out of Monero into ether and then fiat?