Oh god

>4 billion worth of btc
>keep the private keys on google drive

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why would they? this is so unbelievable it feels made up.

It doesn’t say Google drive, could just as easily be iCloud, which people previously thought was impenetrably encrypted. Still stupid af.

>Google Drive
>iCloud
>ProtonMail
It’s the same fucking thing, data hosted on a third party server

sauce user

So what happens to the money, does it get returned to bitfinex? Are there individual people who lost their btc due to this hack that will get it back?

>not putting it inside an encrypted container first

More importantly, the file itself was encrypted yet the feds managed to decrypt it.

Nope. If I remember correctly, Bitfinex credited the losses with a stable coin equivalent, but customers still took like a 30% haircut. In theory all that bitcoin should belong to Bitfinex

If they were retarded enough to keep it in cloud storage they were retarded enough to do any of the following
>use weak encryption methods
>encrypt it with a weak low entropy key
>have the key stored somewhere easily accessible

There was a 1/3rd haircut on everything on the exchange. It was essentially a speedrun of a liquidation process except without lawyers, a decade of court dates and the company ceasing operations. Bitfinex owners also gave away 40% of the company, as you could request that as compensation too.

Bitfinex paid back the $ value of the losses(/haircut) in less than a year.

I expect lawsuits either way due to people lusting over those coins, but if it all goes as Bitfinex intends then RRT tokens will be redeemed, then 80% of the rest gets spent on buying and burning LEO.

wow such a crazy story but I believe it and it's totally not made up

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They credited BFX tokens to users which represented the 1/3 taken from accounts. They redeemed a certain amount of it every month until they were all gone.

People could opt to convert the BFX into shares of ifinex at par value ($1) as well.

Explains why LEO has been rising. But given the price movement started 5 days ago, did insiders know and start buying before this was announced?

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They started moving the coins into 2 accounts last week, that was extremely suspicious. From the day of the hack until last week most of the coins were just sitting dormant, never moving.

I was waiting for an imminent announcement of arrests last week actually. Sold most of my RRT I initially bought when I saw the coins move, then had to fomo back in today.

True. What does this story accomplish?
>Gives government explanation for their newly acquired BTC
>FUDS cryptocurrency, so they can get more
I think I'm gonna ACOOOOMULATE

Here's the RRT chart.

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Damn, RRT was the play wasn't it. I hope you made some money on it since you seem to have a close eye on the situation.

I made some but unfortunately nothing major on RRTs as liquidity was too low for buying. My LEO is up nicely though, so all worth it.

Your crypto wallet is hosted on third party servers (blockchain) and is encrypted using your 12 word seed.
So encrypting the seed with a 128 bit entropy password (say another seed) and putting it on facebook or sending it to everyone you know by email is not stupid.

THIS IS WHY WE NEED THE GOVERNMENT TO PROTECT
WE NEED REGULATIONS

waiting for the government to announce it is going to do another crypto auction to distribute the seized coins.

This is why you use Cryptomator before uploading anything to the cloud

glow nigger