• Please take a moment to review some of the most important new forum features here and here

Bitcoin - Not as secure as you think?

Recommended Pharmacies on Pharmacy Reviewer

bwaterson19

Senior member
Joined
Nov 16, 2018
Posts
199
For everyone that keep using the same address to receive BTC it will be easy to trace the transactions. That's how hackers did and FBI had to do...
They used the blockchain explorer to see where the payments were going.

How they were able to gain access to the hackers virtual wallets does still remain a mystery but probably not so much if you consider the fact that the wallets in question were virtual ones (like the ones you can have on coinbase or blockchain).

I wonder how private these virtual wallets really are... To me they seem to function pretty much like any other online banking/brokerage account where the account holder has access to it but so does the bank itself (I'm sure they restrict and log access to individual accounts) but as in most computer systems the Admin or Security Officer (SO) is essentially god over their domain.

I think most folks here already know this but it's never a good idea to transfer directly out of coinbase etc. Some guys have even gotten their coinbase accounts closed because of doing this.
Unfortunately transferring to your own local wallet, like electrum or a hardware wallet, involves a small transaction fee that is unmatched by an out-of-network atm.

https://www.pymnts.com/news/security...-wallet-hop/oo
 

otherone

Senior member
Joined
Oct 11, 2015
Posts
157
Thanks for reminder on this. The fees tend to add up with ever transfer but well worth the extra cost. Are there particular wallets you prefer outside of coinbase.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,807
I'm fairly certain the authorities obtained access to the accounts via trickery or they simply arrested them all and gave them the choice of giving back the coin and a lesser sentence or try to keep it and maybe life in jail.

Another method is to guess the passwords on the wallets. With social engineering and trying multiple passwords per second, they might have brute forced it. What I'm worried about is what will the government do with the coin, will they simply dump it on the market and crash the price all to hell? I know the potato in the white house has no clue but his handlers and whoever really makes the decisions might make a bad decision. It should go back to coinbase.

As for using the same addy to receive, that does point to the fact that the same person received all deposits, it does not reveal your name or other info. Its a good general practice to change it, but if you have some legit source of btc you might use the same addy for all deposits to help keep track of how many payments you got.

Another trick to conceal the source of your coin is to convert it to monero for example, and then back to bitcoin. The fees are small and the connection to the coin you bought on cb or some site is cut and can not be found.

As for miner fees, wait until late at night, I've seen the average fee go down to a few cents. Also, using a smaller miner fee means it takes longer but is cheaper.
 

FTLsloth

Honorable member
Joined
Feb 7, 2022
Posts
241
@Gullible The gov puts all seized crypto in that Anchorage Digital crypto bank and they sell it off, i believe slowly like any asset. The money is kept by the federal government like all money seized federally is. As far as "crashing the price", the story itself crashed the value of bitcoin more than any selling off would. Article

If you are wanting to be more anonymous with monero conversions, you will definitely want to be smart about it and do it in multiple spreads at different times. And be sure you are masking your IP when using whatever exchange you are using to convert. They were likely able to find the IP of the colonial hackers by capturing IP data from whatever node that wallet was using. I know morphtoken has had many warrants for IP data related to transactions. Same with a lot of mobile wallets people use. Those apps themselves capture tons of data sometimes which likely can be subpoenaed. And you can good about the different blockchain analysis companies and the things they do to acquire the amount of info they have, such as running honeypot blockchain explorers, so they can see who is looking up what transactions and then capture all the info they can on that person for instance. Wild crazy world out there!
 
Last edited:

otherone

Senior member
Joined
Oct 11, 2015
Posts
157
Another trick to conceal the source of your coin is to convert it to monero for example, and then back to bitcoin. The fees are small and the connection to the coin you bought on cb or some site is cut and can not be found.

As for miner fees, wait until late at night, I've seen the average fee go down to a few cents. Also, using a smaller miner fee means it takes longer but is cheaper.


Thanks this is helpful advice. You seem to know much more than most of the subject. I have found bitcoin easy to use for transaction but have never been worried about tracking until now.
 

FTLsloth

Honorable member
Joined
Feb 7, 2022
Posts
241
@otherone Homeland Security, the IRS and Secret Service all rent Coinbase's blockchain analyzer because it is so sophisticated. Here's an article: Contract. Definitely not secure as far as being able to track transactions.
 
Top
AdBlock Detected

Ad blocking browser plugins interfere with some features of this forum. For the best site experience please disable your ad blocker.

I've Disabled AdBlock    No Thanks