The hacker has returned $600 million in cryptocurrency that he had stolen

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Aug 24, 2021.

  1. Hilbert Hagedoorn

    Hilbert Hagedoorn Don Vito Corleone Staff Member

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  2. Ero Ruz

    Ero Ruz Member

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    That's a smart move. He stole it before it went up, invested it and gave it back as FIAT. Nice move :D
     
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  3. hearnia_2K

    hearnia_2K Active Member

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    Other than a fancy Ferrari what is a FIAT?
     
  4. Kaarme

    Kaarme Ancient Guru

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    The article made it sound like the hacker returned the crypto currency (or currencies). So, the only way he could have made profit is if the crypto's value had dropped significantly. If it was expensive when he stole it, he could have sold it for real money. Then, when it had dropped, he could have bought an equal amount for less real money and returned the crypto, keeping the margin for himself. I don't believe that happened. It's probably not that easy to sell 600 million dollars worth of crypto just like that, unless Elon Musk happens to be visiting the market right then and there.
     

  5. fantaskarsef

    fantaskarsef Ancient Guru

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    This refers to "real money"; it's a term used mainly by finacial guys and quite vocally, the crypto currency community.
    Further reading: Fiat money - Wikipedia

    Oh and I do believe daily trades of $600M might be much, but give the hacker a month's time, and only insiders would know what happens there.
     
    Last edited: Aug 24, 2021
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  6. rl66

    rl66 Ancient Guru

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    For those interested in more about that (as it is old news) he get a reward of 500 000$ and a job in the security of the company he stole...
    So yes returned but with heavy benefit and no pursuit... Fancy move.
     
  7. rl66

    rl66 Ancient Guru

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    Fiat is Stellantis, as Opel, Citroen, Peugeot, jeep, dodge, chrysler, lancia, masserati... Chinese automotive giant
    Ferrari is no more Fiat/Chrysler since 2015, but there is still engine crossover as one of the owner have part in both
     
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  8. Kaarme

    Kaarme Ancient Guru

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    True enough. Plus it's not like it would be an all or nothing situation. He could have used only a portion of the crypto for speculation trading.
     
  9. hawk7000

    hawk7000 Member

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    I think it was a snarky joke based on how it was written as if it was an acronym, which would indeed suggest it was in reference to the car manufacturer.
     
  10. fantaskarsef

    fantaskarsef Ancient Guru

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    Possibly. Still thought just posting the explanation didn't hurt if it didn't help.
     
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  11. Netherwind

    Netherwind Ancient Guru

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    Sounds better than a Fiat Punto :D
     
  12. tunejunky

    tunejunky Ancient Guru

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    comes from Latin, the most known use other than economics is from the bible.
    Fiat Lux - let there be light.

    it refers to "on Demand" currency not tied to a physical item like gold, silver, copper, etc...
    btw... technically the Euro and the Dollar are fiat currencies, but i think he means it more like "poof!" magic money
     
  13. geogan

    geogan Master Guru

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    Don't be fooled... the Dollar is every bit a ""poof!" magic money".. it is pulled out of thin air continually since it began by that secret private organization called the Federal Reserve. They then ship it to lower banks to lend out for profit. The top of the pyramid. Who owns and runs the place is shrouded in mystery.
     
  14. cucaulay malkin

    cucaulay malkin Ancient Guru

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    all the makes I avoid :D
     
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  15. tunejunky

    tunejunky Ancient Guru

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    the difference is that there are taxpayers (eventually) behind the dollar and euro, instead of nothing at all that crypto brings. this is not to criticize but to aid in precision.
     

  16. alanm

    alanm Ancient Guru

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    I think he was not confident that he could get away with it. That sooner or later it may be traced back to him in some unknown way. If he was 100% certain he could get away with it, I doubt he would have returned it.
     
  17. Kaarme

    Kaarme Ancient Guru

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    There ought to be a bunch of drug cartels and such behind crypto. They have more power (financial and otherwise) than many small countries. Should anyone trust drug cartels, though...
     
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