> But after the police knocked on the door on the weatherboard home in June, McIvor handed them the key codes to unlock more than $6m worth of various cryptocurrencies.
Ummm, why would he do that? Was he perhaps hoping that they'd go away if he just gave them the money?
> Detective Senior Sergeant Keith Kay, the head of the Asset Recovery Unit in the Waikato, said his team became involved after a tip from the Inland [sic] Revenue Service in the United States.
> The IRS had received "Suspicious Activity Reports" from PayPal, the online payment service, which tax officials traced to McIvor in New Zealand.
> The money was allegedly deposited into his bank accounts from international wire transfers, PayPal, and another online payment service called Stripe.
I can't imagine how anyone could think that would work out well.
Also, this is an example of why a criminal should spend ill-gotten funds. What was the point of all the effort to profit from piracy? The money is all gone now and he’s going to jail. He has actually incriminated himself more by having all the money sitting there.
He did nothing to hide his identity from the payment processors. Money went straight to his meatspace bank account. So he was screwed from the start.
Or bury that treasure
Why in God's name would he give them the wallet keys? I'd be like, what wallets?
By giving the keys you show good will and cooperation, and will get the lighter end of the sentence.
So you'll need to take your winnings to a third world country and generally watch your back.
Still, he could have tumbled it, traded for Monero, etc. when he got out.
Wouldn’t you have to be pretty stupid to have that much crypto at a single point of failure?
Just like why you don’t keep all your cash in a mattress. Keep some private keys in a safe in the cellar at grandma’s ranch, or encode them in a picture of yourself hanging on her wall.
You could use an existing piece of art as your entropy to generate your own private key.
Would it be random enough? Who knows, but even 0x0000000000000 could be a random number.
I'd pay 0.05 per movie for plausible deniability (in addition to quality and reliability): would be much harder for movie studios to bring a case against you if every file came with a license for which there is no consumer mechanism to validate - ideally spliced in as a preroll. Something like "This copy of $moviename is licensed for unlimited sharing and copying by $studioname". Would be incredibly cheap to automate with ffmpeg, and would plausibly reduce prosecution risk for everyone downstream.
Not that getting more income, and then busted, was such a win.
Doing high-volume currency to crypto securely is very hard.
It’s actually the IRD, Inland Revenue Department in NZ so the journalist will be used to using Inland.