The case, which started as an online debate and eventually led to the untangling of tens of millions of dollars in cryptocurrency, has once again drawn attention to how transparent the blockchain can be – even to criminals. A self “John” or “Lick” an actor identified as
When bragging becomes evidence
The case began in a closed online conversation, with two characters claiming to be hackers engaged in an open battle for prestige. During the discussion, they showed their crypto wallets live with screen sharing to prove that they really have the millions they talk about. The entire conversation was recorded.
In the recordings, John showed off several wallets and then moved millions on different blockchains within minutes. The purpose of the spectacular transactions was to show off their power, but at the same time they left all the necessary traces.
Blockchain doesn’t forget
The case is blockchain analyst ZachXBT attention was also excited, who, based on public data, began to trace the presented money movements. The analysis showed that one of the central wallets ultimately had around $23 million worth of crypto, but the thread led much further than that.
Investigating earlier stages of transactions, ZachXBT identified more than $90 million in suspicious sources, including funds from a government wallet linked to the Bitfinex hack that had previously been seized by US authorities. Other incoming amounts may come from suspected victims, further strengthening suspicions of a crime.
You may also be interested in this: The Bitfinex hacker was released earlier: meanwhile, bitcoin has increased 150 times
A recurring pattern in the dark side of the crypto world
The case fits well into a pattern that emerges from time to time in the less visible side of the crypto world. In the past, high-value fraudsters have provided clues themselves when displaying their acquired assets on public platforms. In a previous case involving hundreds of millions of dollars, content shared on social media helped authorities identify those involved.
The current case also highlights that transactions taking place on the blockchain can be traced in the long term, especially if some actors themselves connect the digital addresses to their own online presence. In this case, the spectacular movement of assets not only attracts attention, but also reveals new connections to analysts.
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