Quote from: ABCbits on June 06, 2025, 09:55:39 AM

1. How do you know bank actually use ECDSA/secp256k1 that used by Bitcoin?
2. Unlike Bitcoin, bank theoretically can reverse the transaction and freeze involved bank account.

1. Banks use RSA or Elliptic Curve Cryptography (ECC), which, like ECDSA, are vulnerable to Shor’s quantum algorithm. Hackers could intercept traffic (MITM attacks) and decrypt it using quantum-powered TLS attacks, or gain access to data by hacking servers that rely on vulnerable keys.

2. While banks can freeze transfers, they can only do so before the funds reach the recipient’s account. Handling a return on an international transfer, especially to an offshore bank, can be even more complicated.

Quote from: GreatArkansas on June 05, 2025, 06:49:43 AM

For me, it's because any compromised private keys immediately result in irreversible loss, unlike bank accounts that have institutional safeguards like fraud detection and legal recourse.
So for sure, if you are a criminal, maybe you may have a high chance of not getting caught using cryptocurrencies like Bitcoin and at the same time having difficulty to success too.

Then why is it that most illicit funds are still laundered through fiat rather than cryptocurrencies? Why do North Korean hackers manage to easily cash out their stolen crypto through fiat channels?