They'd have to be pretty dumb to only take control of the private keys, since this means another person with the keys could still slip away with the money at any time.
"Taking control of a piece of information [from someone else]" is mostly a misnomer/paradox, unless you have a way to identify and destroy all co-owners of that information.
reminded about that story recently when a Russian anti-corruption police officer was arrested with $123M found at his apartment (looks like he worked from home a lot :). Money were seized and moved to something like FSB storage (the arrest is part of the turf fight between FSB and Internal Affairs Ministry and that round went to FSB) and later the money were shipped to Savings Bank of Russia (controlled by government) - as a result $3M were lost somewhere.
> There they found “cocaine, computers, mobile phones, a diamond ring, $70,000 cash and $350,000 worth of cryptocurrency“.
Yet the headline and article largely ignore the other stuff found in the guy’s home and for some reason focus on the cryptocurrency. I guess it draws more eyeballs than “cops find a bunch of valuable stuff in drug raid.”
> ZyCrypto is a Cryptocurrency news Breaking and Information Website Focusing On Daily News, Coins Analysis, Reviews and so much more.
I am sure other news sources would have reported this differently.
Update: itnews.com.au actually also highlighted cryptocurrency, but they also mentioned that arrest was made with a help of "state crime command’s cybercrime squad". I'd think that that cybercrime squad wanted to show off something only they can do.
I'm not a fan of crypto$, but it is out of the control of the State. I can imagine a campaign to delegitimize crypto$ by raw association with the underworld.
This is basically an "I don't know why anybody's surprised" reply. The point is popularizing the connection, not establishing it, which as you point out already exists.
Funny you should say that - the itnews article finishes with:
NSW Police said that a second search warrant was also executed "at a financial institution in the city and documents were seized", though no further details were provided.
Are people even bothered by the news that someone had drugs? It is not like the 90s, everyone has moved on and accepted that some people do drugs. Those raids only piss people off about how their tax money is being wasted. People get burglarized and police say there is no time to investigate and then you read that after months of operation police raided a home and found some weed. This is just not on.
Then start supporting political candidates who champion civil liberties because the two major parties are both responsible for letting this outcome become reality.
they must have been dumb to keep the only copy of the keys on a hard drive. should have committed the 12 words to memory or put it on an encrypted google drive or something
Indeed, it wouldn't surprise me if cryptolocker or it's ilk will look for bitcoin (etc.) private keys while it's doing it's evil stuff from your PC. So physical access is not a requirement. To some extent one should assume everything on your PC could be accessed by a criminal (like your house... which is why people buy safes)
He's joking. As of now, the police haven't reported which cryptocurrency was seized or how much. The police have only stated that "$350,000 worth of cryptocurrency" was seized.
350,000 Australian Dollars is only worth around 266,000 US Dollars but the article isn't clear about the specifics of either the cryptocurrency or the fiat.
The amazing thing about this is that cryptography could not be used (or was simply neglected) in order to secure cryptocurrency.
People did not take care to lock their cryptographically secure currency behind strong encryption, to preclude awareness of the belongings at all or siezure thereof.
It's not completely trivial to secure crypto against government confiscation, without adding risk of accidental loss from hardware failure or forgetting something.
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[ 0.19 ms ] story [ 96.1 ms ] threadNot a bad plot for a movie. Reminds me of Sync https://www.youtube.com/watch?v=vhjimhX9d5U
Richard Gill: "In English, please."
Agent Ray: "It means we've got access to all of his files."
reminded about that story recently when a Russian anti-corruption police officer was arrested with $123M found at his apartment (looks like he worked from home a lot :). Money were seized and moved to something like FSB storage (the arrest is part of the turf fight between FSB and Internal Affairs Ministry and that round went to FSB) and later the money were shipped to Savings Bank of Russia (controlled by government) - as a result $3M were lost somewhere.
Yet the headline and article largely ignore the other stuff found in the guy’s home and for some reason focus on the cryptocurrency. I guess it draws more eyeballs than “cops find a bunch of valuable stuff in drug raid.”
> ZyCrypto is a Cryptocurrency news Breaking and Information Website Focusing On Daily News, Coins Analysis, Reviews and so much more.
I am sure other news sources would have reported this differently.
Update: itnews.com.au actually also highlighted cryptocurrency, but they also mentioned that arrest was made with a help of "state crime command’s cybercrime squad". I'd think that that cybercrime squad wanted to show off something only they can do.
From this description, it sounds like the person works for a Big 4 bank.
NSW Police said that a second search warrant was also executed "at a financial institution in the city and documents were seized", though no further details were provided.
This is a stupid strategy to rely on if you've just been arrested.
https://brainwallet.io?12#random
[edit] $330,000
https://www.google.com.au/amp/s/amp.smh.com.au/national/nsw/...
People did not take care to lock their cryptographically secure currency behind strong encryption, to preclude awareness of the belongings at all or siezure thereof.