Hacker returns $600 million in cryptocurrency that he had stolen
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Ero Ruz
That's a smart move. He stole it before it went up, invested it and gave it back as FIAT. Nice move 😀
hearnia_2K
Other than a fancy Ferrari what is a FIAT?
Kaarme
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.
fantaskarsef
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 $600M might be much, but give the hacker a month's time, and only insiders would know what happens there.
rl66
For those interested in more about that (as it is old news) he get a reward of 500 000$ and a job in the security of the company he stole...
So yes returned but with heavy benefit and no pursuit... Fancy move.
rl66
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
Kaarme
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.
hawk7000
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.
fantaskarsef
Possibly. Still thought just posting the explanation didn't hurt if it didn't help.
Netherwind
Sounds better than a Fiat Punto 😀
tunejunky
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
geogan
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.
cucaulay malkin
all the makes I avoid 😀
tunejunky
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.
alanm
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.
Kaarme
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...
