92,857 BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet | Hacker News Reader

92,857 BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet

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62 pointsseibelj21 comments

I doubt businesses like it when others can see their financial transfers.

In other news: An unknown amount of Monero was transfered from an unknown wallet to an unknown wallet.

>I'm not sure why we keep doing this.

>This is not a Xapo wallet anymore, this is a BitGo custodial wallet for Bitstamp's cold storage that was migrated October 2019 and you can trace the coins from there.

A billion dollars controlled by a single private key. Makes me nervous to even think about. I wonder how it’s sharded/backed up/secured.

It’s worth it for an attacker to spend a million dollars for a 0.1% chance of stealing access.

A company I know of uses modified laptops across multiple locations and each one has a shard of the key.

Chipsets are removed. Disabling all USB / bluetooth / ethernet / sound / etc. I dont recall the exact details but apparently there is a market for devices like this.

What's the point in using a decentralized exchange medium if you're ultimately storing your money in a centralized exchange and giving them nearly the same level of power over your money as a bank?

Is it possible to securely transfer bitcoin offline?

Like if someone hands you a thumb drive and says “this contains a key for a $1m wallet”, you don’t know if they kept a copy of the key. But is there some mechanism whereby it could be guaranteed that you have the only copy?

No, if the transfer is offline, there can be no guarantees that the same person didn't try to double spend by transferring the same funds to someone else (unless you involve a trusted third party).

I assume the question is “can you do all the transaction signing offline” before actually posting it.

E.g.

1. Pull current BTC hash/tree/whatever-is-needed-in-a-transaction copy onto usb stick

2. Transfer that data to machine with account key via a usb stick or some other connection that has no external communication

3. Use that information to generate the transaction

4. Copy the transaction to the connected machine - a photo of the transaction text on screen even :)

5. Push the transaction out

6. Destroy the intermediate storage devices

Would that work?

That’s basically what a hardware wallet like ledger or trezor is.

Unless the seed was used elsewhere / in another similar device.

No, that's not what the question was. The parent poster specifically said "you don’t know if they kept a copy of the key. But is there some mechanism whereby it could be guaranteed that you have the only copy?" In your example the account key on the usb stick is not guaranteed to be the only copy, and thus, there is risk of the sender double spending that money.

Probably exchange to exchange cold wallets etc

Yeah how much do the big exchanges manage?

Is the USD valuation really correct though? I doubt anyone could sell that amount, and not affect the exchange rate drastically.

Time to cash in from the recent pump & dump?

Trying to liquify that into dollars all at once would show the world how valuable BTC really is.

Ok but what'd they do with rest of it?

Putin?

It's deff some oligarch or major business entity.

Satoshi Nakamoto!

Definitiv not. We know what coins are Sakamotos and if they moved the news would be bigger.

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