Blocking coins that were stolen?

[silvousplaitxz 0]

I know about bitcoin immutability and lets sayh an exchange gets hacked. No way of banning these bitcoins right? Like blacklisting the stolen coins to not be used in the netowork. There can be a way of doing that?

[Mohs3n71 0]

10 minutes ago, silvousplaitxz said:

I know about bitcoin immutability and lets sayh an exchange gets hacked. No way of banning these bitcoins right? Like blacklisting the stolen coins to not be used in the netowork. There can be a way of doing that?

there is no such a thing and no way to block bitcoins, if you lost a money in crypto you lost it for ever and you have no control over it

[lucky80 1046]

14 minutes ago, silvousplaitxz said:

I know about bitcoin immutability and lets sayh an exchange gets hacked. No way of banning these bitcoins right? Like blacklisting the stolen coins to not be used in the netowork. There can be a way of doing that?

Ouch. There are several ways, such as marking the hacker wallet address. But the whole process is very complicated. If this happens, the exchange owner must work with the police to track the bitcoin distribution. That's why KYC is enforced. Another way is to hardfork the network. 

[seriousguywithfunnypants 266]

36 minutes ago, silvousplaitxz said:

I know about bitcoin immutability and lets sayh an exchange gets hacked. No way of banning these bitcoins right? Like blacklisting the stolen coins to not be used in the netowork. There can be a way of doing that?

No, there is not. It compromises the idea of decentralization. Who decides an exchange got hacked? Will there be an authority for that? How about abusing it and make money from that incident? You cannot control those.

[setifien 1016]

42 minutes ago, vlc39 said:

Theoretically miners could refuse to mine a transaction that attempted to move stolen coins, but you'd need the majority to refuse and it's not as if they all work closely together. It also would be probably down to pools to do it as many miners won't check what they're actually processing.

But how would these miners know that a given transaction is made by hackers who have stolen the coins that they wanna transfer??

[setifien 1016]

35 minutes ago, ihavedreams said:

it's true that an exchange in bitcoin is not possible to be hacked 

No, unfortunately exchanges are more susceptible to be hacked because they contain decent amount of coins.

Many exchanges were hacked and billions of $ were stolen (for example it happened last year in Japan)

[Caporetto 327]

They can blacklist an adress that they think it cointains stolen BTC, however they can still exchange it on various less known sites like changelly, of course they gonna get banned if they send it to binance lol,the only coin completely untraceable is monero , and there was another project called SUMO coin  tho i dont keep track of that project.

[hexwin 4931]

Blocking Bitcoins  in bitcoin network is not possible.
They can only be tagged as dirty and tracked to see where they are going, and connection with real ID

Edited October 26, 2019 by hexwin

[Mohs3n71 0]

22 minutes ago, hexwin said:

Blocking Bitcoins  in bitcoin network is not possible.
They can only be tagged as dirty and tracked to see where they are going, and connection with real ID

as soon as they hit an exchange you can't anymore track them, they'll just exchange them to something else and pooof

[hexwin 4931]

8 minutes ago, Mohs3n71 said:

as soon as they hit an exchange you can't anymore track them, they'll just exchange them to something else and pooof

In fact you can track them on blockchain and see where they go.
Simply go to explorer and you follow where it goes...
For more serious tracking there are specialized software.
You can not hide on bitcoin or you can partly with mixers

[Naga 1250]

15 hours ago, vlc39 said:

Theoretically miners could refuse to mine a transaction that attempted to move stolen coins, but you'd need the majority to refuse and it's not as if they all work closely together. It also would be probably down to pools to do it as many miners won't check what they're actually processing.

Privacy is one of the biggest advantage of bitcoin but it comes with a price that things like this cant be caught or handled correctly. On the other hand the NEM project did exactly that when some coins were stolen they traced them.

[Saqib Ali Sadiq 438]

no dear dont block the coins which was stolen because this is not the fault of that coin, it was happens due to the lake of security and poor security of the exchange where these coins were stolen, always choose trusted exchange.

[Wrath 149]

Blocking stolen coins on a network like bitcoin will be hard even impossible it will take the entire mining community to agree and create a fork that will remove those stolen coins from the market, so it is not an easy decision for bitcoin, may be in the future it might be possible.

[Great Commander 659]

You can't whitelist or blacklist it. Remember, bitcoin is decentralized and once the transaction happened, it will not recovered. Also the hacker, will still have a hard time following you because just like I said, it is decentralized, no one is maintaining it. 

Edited October 27, 2019 by Great Commander

[cryptokram 102]

There is a way to block the wallet containing the Bitcoin to every exchanges. But there is also a way that the stolen bitcoin can send again to another wallet which is anonymous and use this to send the coins to exchanges sell it or buy alternative coins like Ethereum and send to another wallet again or convert it to FIAT.

[bliznec 22268]

19 hours ago, mayanmc said:

I think the only way is to trace where that coin is going to be cashed out, by tracking transactions, but hackers are not that's stupi they will just lose you in the end.

You can thereby confuse the traces by indicating from one exchange to another the addresses change and immediately make an exchange for anonymous cryptocurrency. 

[andrehol 16294]

One has only to start restricting bitcoin, when it comes to an end. Imagine how many different coin blocking options each government will come up with. no, better not.

[Mohs3n71 0]

this topic should be locked I think as the question has been answered many times by users in this topic and there is nothing more to discuss about and many other are just spamming here

[bliznec 22268]

5 minutes ago, mayanmc said:

see i did not know about all that but i knew you not chase a hacker through the addresses, buy the way how do you know all that, are you a hacker?

No, I'm not a hacker. I am just an investor and express my point of view as I think, if I'm wrong then correct me please.

[Casinoval 330]

Blocking Bitcoin that were stolen is a good idea, this will stop hackers from dumping their stolen coins on the market and make the stolen coins completely worthless.

[Mohs3n71 0]

On 10/27/2019 at 12:09 AM, hexwin said:

In fact you can track them on blockchain and see where they go.
Simply go to explorer and you follow where it goes...
For more serious tracking there are specialized software.
You can not hide on bitcoin or you can partly with mixers

lets assume I stole 20 bitcoin from you

then I send them to yobit, I exchange them to LTC and I withdraw my LTC from yobit

now how you are going to track them ?

[Great Commander 659]

That is possible but unlikely to do at all times. It is difficult to block coins that were stolen as they are in the decentralized system of blockchain and you have nothing to do about it. 

[xBDT Script 4371]

On 10/26/2019 at 4:15 PM, silvousplaitxz said:

I know about bitcoin immutability and lets sayh an exchange gets hacked. No way of banning these bitcoins right? Like blacklisting the stolen coins to not be used in the netowork. There can be a way of doing that?

It's not possible to reject a  transaction because if a miner reject it, other will validate it. Bitcoin blockchain is a decentralized system, a person can't do anything about it. There are a lot of miners around the world and someone (group) will of course include the transaction into the block.

[Agios 1763]

That is one of the weaknesses of Bitcoin if it has been stolen / lost traces can not be traced who took, even if we check the blockchain explorer there are only transactions that Bitcoin has been sent to another Bitcoin address. So we can't block bitcoin addres like only banks can block owner accounts.

[cnguchi 70]

There is no way to intervene to change hacked wallets, transactions without intermediaries should not prevent these wallets. If someone could intervene in the transaction then it wouldn't be bitcoin