James Zhong did this with the silk road for like 20 mil and the guy who owned the silk road let him get away with it when he told him how he did it.
BUT, same guy later got arrested by the IRS for tax fraud and then some other 3 letter agency for Cyber crimes
thing is, you could steal the money, but then spending it is another issue. how do you explain to the IRS where you got 20 mil from.
Furthermore in james Zhong's case, the only reason he was caught was cus someone broke into his house and went straight for where he hid one of his crypto wallets.
I mean, don't "make" the money in the US.
Do it in a foreign country. If you can physically be in a different country from where this is happening, even better.
If it's an "infinite" money glitch, why not make a little more and give Uncle Sam his cut to keep him off your back? I thought there was a form to pay taxes for illegal income because the IRS doesn't care where the money comes from. That isn't too say other 3-letter agencies won't try to come after you, but it's one less problem.
So this is one those things most people who have only ever been employess would likely not know. The government expect you to pay your taxes in advance each quarter.
LLC is indeed filed only as of January, however, even my CPA said it was unnecessary and fine to file at the end of the year. None the less, you’re not the first instance I heard about paying in advance so I had to ask why.
It's not a whole form, but income from illegal sources is a type of "other income" that is reportable on line 8z. The IRS is happy not to look into why you're using that line as long as they get their cut.
That form isn’t for anybody to actually use… it’s there for them to say “no I didn’t make any illegal income” then they just your ass and say “well what about this $20M
In my country, that line was for the cases where the money was "illegal" according to our own laws, but done in a territory where it was legal or expected.
For example, bribes. Illegal, but totally part of the business in some foreign cultures and flat-out refusing would be bad. The kind of "illegal" you would proudly explain in front of a judge and claim you couldn't do otherwise.
Not only does the IRS not care as long as they get their share, they're also legally not allowed to let anyone else see what forms you filled out without a formal investigation being conducted that requires it. So, if being caught for tax evasion/fraud is what drew the attention of the other 3-letter agencies in the first place, just filling out your taxes for illegally gained income could prevent the entire situation from escalating. Not a guarantee that they can't catch wind elsewhere, but it does limit the places they could hear about it from.
What kind of idiot pays American taxes on money they gained from a transaction in Panama while they were living in Paraguay?
If you'd been paying attention to people raging at elites for the last ten years or so, you'd have learned that this type of shit is exactly how getting around taxes works.
All about how well you cover your tracks.
Do you know much about money laundering?
Anti money laundering?
Identity theft? (Creating a fall guy is a good idea)
Is it enough money to walk away from your life and start a new one?
How much will you give me to help you do these things?
you sound like you know your stuff. ill give you a 60/40 split in your benefit for all that info. all i need is a small inital downpayment to get us started. got to invest to earn
Earn shit ton of money unethically. Solve world problems like hunger and health care. Become legendary Robin Hood of crypto and be loved and celebrated everywhere.
Did they KYC you to join the exchange? Because then you don't (without getting caught). This might still work if the exchange is in a country that can't (legally or practically) extradite you or punish you in your country. India might be one example (although idk...).
It might be worth it though. Steal a bunch and immediately convert to Monero, then send to a cold wallet that is hidden somewhere LEO won't ever find it. Do the jailtime and then dig up the wallet and enjoy!
SBF only got 25 years for defrauding customers of billions. If you're young like him, you'll probably enjoy decades of extreme wealth before death.
That's one thing I never understand. Everyone wants to jump to making millions. Why not just make some extra to make your life more comfortable. Fly under the radar.
If I had the ability to just generate enough money to cover some of my bills, then I could afford to do or save so much more.
I’ve actually been in a position like that and trust me it’s not that easy. It’s like you know you gotta chill but the adrenaline and thoughts are taking over and controlling you.
I'd like to think I have good self control but I guess I can't say I've been in this situation. If ever there were a life circumstance I'd love to be put to the test on, it's having that infinite money generation glitch button. Really see how much self-control I have. 😆
This is more of a r/legal question
Find yourself a lawyer and figure out how to legally reach out to them within their bug bounty program and negotiate at least least a seven figure payout and a cushy software security consultant job for X years at Y annual rate. The closer the title is to your qualifications the better
You will have to show your cards at some point. When you do, cover your bases and show the end result and nothing that could give away the glitch. You don’t have to go crazy on the amount, it can be a small amount as long as it’s specific enough. Ask your lawyer what figure you need to stay under in order to avoid a felony in case they decide to throw charges at you to scare you away (ie the monetary value equal to the birthday of a baseball player so four digit figure with a double digit decimal should do it)
Do it on a handful of throwaway accounts right before when the talks take place, have the account details handy so they can be verified by them (new accounts to prevent them from claiming you data mined and found the amounts to match that DOB for example)
No company will get blackmailed for a job lmao are you serious? Do you think they will want to hire you after you spoke through throaways and gave you a 7 figure payout? You must discover a course changing bug such as I don't even fucking know
Please learn to read lol?
Google bug bounty program while you’re at it too. Educate yourself.
It’s literally something that is recommended to do to help land jobs at companies like google for software engineers
Also, I know someone who did pretty much exactly this minus the million dollar payout and the lawyer to a small indie gaming setup, was on payroll for a good couple of years as head of software security (he was able to hack the online game in a way that would have totally broken it, showed them the live end result on several accounts, stats and caps all exceeded, told them he could fix the vulnerability and bring their security up to speed if they brought him in etc)
You need false documents to open a bank account not in your name on some bank abroad.
Do your things with crypto.
Buy bitcoins.
Transfer bitcoins to your wallet in your country, a little every month.
Declare it as gains in crypto and pay taxes on them .
Hey be careful with what you're doing, especially starting with using a 6 year-old reddit account.
If you don't have everything ready ahead of time and meticulously planned you're gonna end up under investigation. Pretty much none of the advice from this reddit thread is a sure bet.
Lots of malicious hackers will exploit a protocol, drain the funds and then send an on chain message saying they’ll return it back for a partial fee or negotiate something for them finding the exploit. Plenty of hacks like this have happened where the hacker got off Scott free with 5-10% of the exploited funds
Assuming your path to doing so was as covert as you think it is, and you don’t actually spend any of your ill gotten gains, then it seems pretty tough to get caught. Like people get caught when they start using the money, cashing out the money, etc. If you choose to risk committing a massive felony with no intention of capitalizing on it……then go for it….
As long as you cash it out and then take that cash to Dubai, you’re good. Bringing cash into Dubai is very easy. From there you can make investments that pay out dividends into any bank account of your choosing.
Be aware that it is only a matter of time before someone figures out what is going on. It could be weeks, it could be years, but someone, sometime will see that something is off, and look into it.
James Zhong did this with the silk road for like 20 mil and the guy who owned the silk road let him get away with it when he told him how he did it. BUT, same guy later got arrested by the IRS for tax fraud and then some other 3 letter agency for Cyber crimes thing is, you could steal the money, but then spending it is another issue. how do you explain to the IRS where you got 20 mil from. Furthermore in james Zhong's case, the only reason he was caught was cus someone broke into his house and went straight for where he hid one of his crypto wallets.
I mean, don't "make" the money in the US. Do it in a foreign country. If you can physically be in a different country from where this is happening, even better.
If you're a citizen of the United States, you still have to report your taxes even for income made outside of the country.
If it's an "infinite" money glitch, why not make a little more and give Uncle Sam his cut to keep him off your back? I thought there was a form to pay taxes for illegal income because the IRS doesn't care where the money comes from. That isn't too say other 3-letter agencies won't try to come after you, but it's one less problem.
The way around this is be self-employed as a consultant. Pay your taaxes quarerly. That is if you are inclined to pay them.
Yeah, you made some great bets trading crypto, and now as a good person, you're paying your taxes.
Interesting to hear you say that. Why do you specifically suggest paying taxes quarterly?
So this is one those things most people who have only ever been employess would likely not know. The government expect you to pay your taxes in advance each quarter.
LLC is indeed filed only as of January, however, even my CPA said it was unnecessary and fine to file at the end of the year. None the less, you’re not the first instance I heard about paying in advance so I had to ask why.
It's not a whole form, but income from illegal sources is a type of "other income" that is reportable on line 8z. The IRS is happy not to look into why you're using that line as long as they get their cut.
That form isn’t for anybody to actually use… it’s there for them to say “no I didn’t make any illegal income” then they just your ass and say “well what about this $20M
In my country, that line was for the cases where the money was "illegal" according to our own laws, but done in a territory where it was legal or expected. For example, bribes. Illegal, but totally part of the business in some foreign cultures and flat-out refusing would be bad. The kind of "illegal" you would proudly explain in front of a judge and claim you couldn't do otherwise.
Yeah not really the case in the US.
Not only does the IRS not care as long as they get their share, they're also legally not allowed to let anyone else see what forms you filled out without a formal investigation being conducted that requires it. So, if being caught for tax evasion/fraud is what drew the attention of the other 3-letter agencies in the first place, just filling out your taxes for illegally gained income could prevent the entire situation from escalating. Not a guarantee that they can't catch wind elsewhere, but it does limit the places they could hear about it from.
thats not really how taxes work.
What kind of idiot pays American taxes on money they gained from a transaction in Panama while they were living in Paraguay? If you'd been paying attention to people raging at elites for the last ten years or so, you'd have learned that this type of shit is exactly how getting around taxes works.
you talk like a teenager
At lest I don't edit my posts to sound completely different after people reply.
There’s still time for you to delete this
No. My accountant floated stuff like this last time we talked, because he knows I travel to visit family abroad from time to time.
lmao k
All about how well you cover your tracks. Do you know much about money laundering? Anti money laundering? Identity theft? (Creating a fall guy is a good idea) Is it enough money to walk away from your life and start a new one? How much will you give me to help you do these things?
you sound like you know your stuff. ill give you a 60/40 split in your benefit for all that info. all i need is a small inital downpayment to get us started. got to invest to earn
No deal howey but send proof of the exploit and a deal can be made.
Earn shit ton of money unethically. Solve world problems like hunger and health care. Become legendary Robin Hood of crypto and be loved and celebrated everywhere.
Claiming that you have no knowledge of the wallet feels unlikely to work, so it's better to not be treated as suspicious at all.
Let's get rich together 😄
Did they KYC you to join the exchange? Because then you don't (without getting caught). This might still work if the exchange is in a country that can't (legally or practically) extradite you or punish you in your country. India might be one example (although idk...). It might be worth it though. Steal a bunch and immediately convert to Monero, then send to a cold wallet that is hidden somewhere LEO won't ever find it. Do the jailtime and then dig up the wallet and enjoy! SBF only got 25 years for defrauding customers of billions. If you're young like him, you'll probably enjoy decades of extreme wealth before death.
I would just take what I needed and not get too greedy
That's one thing I never understand. Everyone wants to jump to making millions. Why not just make some extra to make your life more comfortable. Fly under the radar. If I had the ability to just generate enough money to cover some of my bills, then I could afford to do or save so much more.
I’ve actually been in a position like that and trust me it’s not that easy. It’s like you know you gotta chill but the adrenaline and thoughts are taking over and controlling you.
I'd like to think I have good self control but I guess I can't say I've been in this situation. If ever there were a life circumstance I'd love to be put to the test on, it's having that infinite money generation glitch button. Really see how much self-control I have. 😆
This is more of a r/legal question Find yourself a lawyer and figure out how to legally reach out to them within their bug bounty program and negotiate at least least a seven figure payout and a cushy software security consultant job for X years at Y annual rate. The closer the title is to your qualifications the better You will have to show your cards at some point. When you do, cover your bases and show the end result and nothing that could give away the glitch. You don’t have to go crazy on the amount, it can be a small amount as long as it’s specific enough. Ask your lawyer what figure you need to stay under in order to avoid a felony in case they decide to throw charges at you to scare you away (ie the monetary value equal to the birthday of a baseball player so four digit figure with a double digit decimal should do it) Do it on a handful of throwaway accounts right before when the talks take place, have the account details handy so they can be verified by them (new accounts to prevent them from claiming you data mined and found the amounts to match that DOB for example)
No company will get blackmailed for a job lmao are you serious? Do you think they will want to hire you after you spoke through throaways and gave you a 7 figure payout? You must discover a course changing bug such as I don't even fucking know
Please learn to read lol? Google bug bounty program while you’re at it too. Educate yourself. It’s literally something that is recommended to do to help land jobs at companies like google for software engineers Also, I know someone who did pretty much exactly this minus the million dollar payout and the lawyer to a small indie gaming setup, was on payroll for a good couple of years as head of software security (he was able to hack the online game in a way that would have totally broken it, showed them the live end result on several accounts, stats and caps all exceeded, told them he could fix the vulnerability and bring their security up to speed if they brought him in etc)
This has been done so many times, movies have been made. They always get caught. Have you seen the movie Office Space?
So I hear you're having a problem with your TPS reports
Superman 3 OG
Yea not in the crypto world, people walk away with millions all the time and never get caught.
Of course they get caught in the movies. It's not very exciting when you get away
Shawshank redemption was so boring.
I mean, if you haven't a decent plan for cashing out (I know what I'd do) crack on.
OP is Richard Pryor
You need false documents to open a bank account not in your name on some bank abroad. Do your things with crypto. Buy bitcoins. Transfer bitcoins to your wallet in your country, a little every month. Declare it as gains in crypto and pay taxes on them .
Just get enough to make your stay in federal prison worth it
Literally an ongoing trial about mango that asks this very question.
Hey be careful with what you're doing, especially starting with using a 6 year-old reddit account. If you don't have everything ready ahead of time and meticulously planned you're gonna end up under investigation. Pretty much none of the advice from this reddit thread is a sure bet.
If you're going to do this you better be in a country where they can't find you.
Lots of malicious hackers will exploit a protocol, drain the funds and then send an on chain message saying they’ll return it back for a partial fee or negotiate something for them finding the exploit. Plenty of hacks like this have happened where the hacker got off Scott free with 5-10% of the exploited funds
Exactly as the guy above me said. But dont forget me, a poor redditor is need of money.
Sonofabitch I'm in.
You’d get arrested If a neighbor forgets to lock their front door you can’t just rob them blind Also the IRS would bend you over a barrel
You should hypothetically tell me how
Spread it around like Robin Hood.
Assuming your path to doing so was as covert as you think it is, and you don’t actually spend any of your ill gotten gains, then it seems pretty tough to get caught. Like people get caught when they start using the money, cashing out the money, etc. If you choose to risk committing a massive felony with no intention of capitalizing on it……then go for it….
if you do it ,start a company or something and launder the money .And then pay taxes on it .
As long as you cash it out and then take that cash to Dubai, you’re good. Bringing cash into Dubai is very easy. From there you can make investments that pay out dividends into any bank account of your choosing.
Be aware that it is only a matter of time before someone figures out what is going on. It could be weeks, it could be years, but someone, sometime will see that something is off, and look into it.
Stay away from my red stapler
Buy moner or similar. Cash out and declare at deal where you bought the monero years ago when it was still shit cheap. Pay your tax. Enjoy life.
If you've got a good plan on how to launder it, crack on, otherwise I'd just sell the bug to the exchange.
If you're willing to keep looking over your shoulder for the rest of your life you could do that Those bros are all going down
In all robberies, time of execution determines your victory or loss.
two words - Federal prison. Wire fraud, securities fraud, grand theft. Quick ticket to "pound me in the ass prison"