Large Bitcoin Donation Suspected to be From Stolen Stash

Dmitry Murashchik, director of Bitcoin100, revealed in an interview with Forbes that he suspects a large donation received may have been stolen. However, due to the anonymous nature of bitcoins, he has no way of finding out for sure if he is correct.

The donation, which took place in January 2013, was 180 BTC. Although at the time this was the equivalent of about $3000, it is now worth approximately $150,000 due to the increased value of bitcoins.

Bitcoin100 works to promote global bitcoin usage and to show its effectiveness in fundraising without having to deal with chargebacks or processing fees. It is not uncommon for charitable organizations to receive donations with stolen credit cards. When this happens, the money is returned and the charity has to pay a processing fee that ranges from $20 – $100 each time. This can be alleviated through the use of bitcoins because they are completely non-refundable and relatively anonymous.

Murashchik suspects they were stolen because the donation was received around the same time some bitcoin exchanges were hacked and bitcoins were stolen from multiple accounts. While Bitcoin100 will ask for the identity of large donors, if the donors refuse there is nothing the group can do about it.

According to Murashchik, “The most we can do is save a copy of the transaction number and set aside that money for some months, in case someone claims it was stolen.” After waiting some time to try to identify the source of the money, the group finally decided to keep it and put it to use.

Related: Bitcoin Directory

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