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Title: Almost $300 Million Stolen From Crypto-Exchanges In 2019
Source: [None]
URL Source: https://www.zerohedge.com/crypto/al ... n-stolen-crypto-exchanges-2019
Published: Jan 6, 2020
Author: Tyler Durden
Post Date: 2020-01-06 20:27:09 by Horse
Keywords: None
Views: 96
Comments: 3

...cryptocurrency exchanges have to do better in terms of industry standards and security practices.

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#1. To: Horse (#0)

I've used exchanges and will continue to do so as warranted, but leaving funds on them for any substantial time is ill-advised, for this exact reason. These hacks not only injure the victims who lose crypto, but also damages all holders of cryptocurrency as credibility takes a hit, and with it, its value.

Pinguinite  posted on  2020-01-06   20:46:39 ET  Reply   Trace   Private Reply  


#2. To: Horse (#0)

One thing though about stealing bitcoin, and most other cryptos, is that the wallet to which the stolen crypto is visible on the blockchain registry. All bitcoin transactions are visible in this way. Without any more information, this does not allow the crypto to be recovered. However, any further trasactions made from that wallet holding the stolen crypto ARE visible, along with the subsequent wallets the transfers are made to. So if any subsequent transactions are made to a known business entity or person (a receiving wallet in known to belong to such an entity) then it gives a lead to discovering the perpetrators. Law enfoncement could contact the receiving entity and potentially obtain the identity of the sending party, and follow the scent of the transactions upstream to the person controlling the wallet originally receiving the hacked bitcoin. This could be done any amount of time after the hack, even many years.

So stealing bitcoin is not like robbing cash from a bank. Cash is largely untraceable. Bitcoin is certainly traceable, if on its face, also anonymous.

Pinguinite  posted on  2020-01-06   20:53:59 ET  Reply   Trace   Private Reply  


#3. To: Pinguinite (#2)

also anonymous.

It is anonymous until someone tells about the transaction. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2020-01-06   20:56:26 ET  Reply   Trace   Private Reply  


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