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Sleeping beauty Bitcoin wallets wake up after 14 years to the tune of $2B

(www.marketwatch.com)
213 points aorloff | 1 comments | 04 Jul 25 18:41 UTC | HN request time: 0.225s | source
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duttish ◴[04 Jul 25 19:26 UTC] No.44467188[source]▶
Whoever got these wallets better sell them and get a good security company on rotation quickly before anyone find out who they are. Seems like wrench attacks been been happening a lot more the last year.
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Marsymars ◴[04 Jul 25 19:47 UTC] No.44467326[source]▶
I don't really get these; there's not a ton of difference between using a wrench to threaten someone with a bunch of Bitcoin vs using a wrench to threaten someone with a bunch of any other liquid asset that could be used to buy bitcoins.
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jedberg ◴[04 Jul 25 19:57 UTC] No.44467391[source]▶
This is the other edge of that double edged sword of "no regulations". It's a lot easier to steal bitcoin with no consequence because there isn't an entire financial system backed by people with guns to help you if you are wronged.
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diggan ◴[04 Jul 25 20:26 UTC] No.44467614[source]▶
> there isn't an entire financial system backed by people with guns to help you if you are wronged

It's not the "financial system" that comes and hunts criminals with guns, but police, acting based on what laws they seen has been broken. And stealing $3 billion is as illegal if it was Bitcoins, as if it was Euro or USD.

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1. shawndrost ◴[07 Jul 25 21:37 UTC] No.44494926[source]▶
As a matter of fact, the police return fewer stolen USD to rightful owners than the "financial system" (ie regulated banks, credit card companies, etc). If you report an identity theft (a theft of your USD via your CC or bank info) to the police, nothing will happen, even if they find the guy. The party that is going to return your money (if anyone) is your CC or your bank.

The "financial system" is even more central a player when you consider the universe of potential crimes. Why don't drug dealers put their illegal and ill-begotten money in the bank? It's because the bank is obligated to ask a million questions, and occasionally, to freeze accounts. Why don't North Korean hackers request payment by bank transfer of USD? Because those payments can be put on hold or reversed by the financial system, which is a tool of the "police" in a way that Bitcoin never can be or will be.

The "financial system" is literally a technical system which has been effectively deputized by the "police", and as a matter of technical reality the "financial system" enforces the laws in ways that bitcoin (and exchanges, custodians, etc) are designed to prevent. Financial systems sometimes return stolen money and enforce laws with the involvement of literal police, but mostly not.

Some may not like the laws, and they can argue for why bitcoin is great. But if you like the laws, you should grapple with the fact that Bitcoin was designed to robustly foil the laws. On purpose! This property is called "permissionless" or "censorship-proof" by people that like it.