tag:blogger.com,1999:blog-6704573462403312459.post1835919119556063747..comments2024-03-28T06:53:23.473-04:00Comments on Moneyness: What happens when a 96 bitcoin ransom payment ends up on Bitfinex?JP Koninghttp://www.blogger.com/profile/02559687323828006535noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6704573462403312459.post-88721355331636429492020-01-29T11:19:01.154-05:002020-01-29T11:19:01.154-05:00Well, I've had an account at Bitfinex for +5 y...Well, I've had an account at Bitfinex for +5 years, and it's still unverified. However I just use it for relative small amounts. I don't know if they force KYC once your account reaches a certain amount. Also I think Tether USD is considered fiat as well. However, to cash out, the hackers could have done the following: Deposit BTC to Bitfinex -> exchange BTC for Monero -> Withdraw Monero and deposit it to another exchange where they are verified -> exchange the Monero for a fiat currency and withdraw that to a bank account. A quite simple procedure and totally untraceable. Silasnoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-75060437611193816352020-01-29T06:34:12.440-05:002020-01-29T06:34:12.440-05:00Really? You can move $1 million in cryto on and of...Really? You can move $1 million in cryto on and off Bitfinex without being verified? That's crazy. I mean, I could understand $10,000.<br /><br />If so, the hackers would have quickly sold and then exited by withdrawing Tether. A lot of unsuspecting verified account owners might have ended up accepting the hacker's sell order. Whether they have title to the ransomed bitcoins or Bitfinex does would be the interesting question.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-23097041790641912912020-01-28T10:50:42.035-05:002020-01-28T10:50:42.035-05:00It's not certain that Bifinex even knows the i...It's not certain that Bifinex even knows the identity of the hackers, since they only require KYC if you want to deposit/withdraw fiat.Silasnoreply@blogger.com