South Korean Police Lose Seized Crypto by Posting Password Online | Hacker News Reader

South Korean Police Lose Seized Crypto by Posting Password Online

gizmodo.com

79 pointsWarOnPrivacy19 comments

Rumor has it that it was an inside job and they intentionally shared the photo online as an alibi.

This is also the rumor every time a crypto exchange is “hacked” and loses all of the stored crypto. It was never obvious if the people running the exchanges were incompetent or criminal, but I suspect it was a combination of both in many cases.

If you're set on doing some shit and know you won't be able to hide that it was done, arranging for it to be an "accident" is a pretty obvious ploy. Like, small children even do this.

I agree. Especially when there’s a lot of money involved, anything shared online is a liability.

But that can't demonstrate that there are no genuine accidents. Indeed, there almost certainly are, because people don't stop being incompetent just because some other people are malicious.

why does the article say it would be difficult to liquidate those tokens instead of just posting the address so we can see what they did?

I think this is a symptom of general ignorance and decade-plus-long aversion to understand crypto. Its a choice and it works extremely well for the person that now has custody.

okay lets narrow it down, it mentions the token name - approximately 4 million Pre-Retogeum, or PRTG - so we can just look up that token on the network its deployed on, and look for large recent transactions

Edit: I’m looking at this address now, based on receiving the 4,000,000 tokens 1,000+ days and sending them out 2 days ago

https://etherscan.io/address/0x8efa52827c229c434fe9c915b2d99...

I'm asking because I genuinely am ignorant. Can't you just put all the tokens into a mixer, create a new account, send them to that account, and then you're completely invisible from there on out? Or even make a bunch of new accounts? Put $10k in each or something like that?

Mixer needs other people using the mixer with that asset, so no mixer available for tokens

But you can send the tokens to a virgin address, which is not what happened here, and sell them on decentralized exchanges where there is liquidity. Most popular one is uniswap, all tokens have liquidity there, usually the projects set up the liquidity pool on launch.

Virgin address can then do what it needs to do to launder the proceeds after sale.

But people tend to just go to a centralized exchange from there.

My go to would be swapping to Monero. It’s more foolproof.

But Tornado Cash is off of the OFAC list again, so you can just use that.

About $5m if anyone was only interested in the rough amount.

"oops i posted the password online."

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