Large imcoming in Exodus wallet

[CyprusLawyer101]

Hi Guys,

If i were to recieve a large incoming crypto payment into my exodus wallet, what potential risks do I have to consider?

I am not aware where the sender will sent from.

Thanks for any input.

 

[reallyawesome1111]

First make sure the Exodus Wallet you have downloaded is in fact the real Exodus wallet and not a clone designed to steal your keys (should have been downloaded from exodus.io now exodus.com). If you are receiving coins that are not coming from an exchange there is the risk of receiving "tainted" coins - these are coins that are associated with gambling, darknet markets, mixers, and various cyber heists. If you get these coins you will have a hard time getting them onto some of the big exchanges because they all use Chainalysis/Elliptic/TRM Labs to flag this kind of thing. And moving them to another address a couple times won't make a difference - they see right through that. So to dispose of these coins you would have to use a p2p exchanger that charges a higher fee.

 

[CyprusLawyer101]

First make sure the Exodus Wallet you have downloaded is in fact the real Exodus wallet and not a clone designed to steal your keys (should have been downloaded from exodus.io now exodus.com). If you are receiving coins that are not coming from an exchange there is the risk of receiving "tainted" coins - these are coins that are associated with gambling, darknet markets, mixers, and various cyber heists. If you get these coins you will have a hard time getting them onto some of the big exchanges because they all use Chainalysis/Elliptic/TRM Labs to flag this kind of thing. And moving them to another address a couple times won't make a difference - they see right through that. So to dispose of these coins you would have to use a p2p exchanger that charges a higher fee.

Thank you for your valuable input. I have the real Exodus wallet.

Any more input would be appreciated guys. I need to have a clear and solid understanding of applicable risks and hurdles.

 

[troubled soul]

I am not expert....But Why do not First create paper wallet...receive money on it and than import to any wallet you want to using secret key....

This will eliminate all third party risk when you receive the money...

 

[CyprusLawyer101]

I am not expert....But Why do not First create paper wallet...receive money on it and than import to any wallet you want to using secret key....

This will eliminate all third party risk when you receive the money...

What is a paper wallet?

 

[troubled soul]

What is a paper wallet?

Bitcoin Cash Paper Wallet | Bitcoin.com

Create a Bitcoin Cash paper wallet for offline storage and payments

paperwallet.bitcoin.com

You can generate your own private and public key without depending on any third party...back to basics.....

Download it in local machine and Generate Wallet address offline....(disconnect your pc/laptop from any internet connection)....

 

[reallyawesome1111]

Also if the amount is large enough, may want to have them send a small amount first, make sure you get it, then have them send the full amount. Fees are pretty low (~$1-2 transaction on BTC/ETH for transfers) so might as well eliminate any chance of typos or copy pasting wrong address.

 

[JackAlabama]

Bitcoin Cash Paper Wallet | Bitcoin.com

Create a Bitcoin Cash paper wallet for offline storage and payments

paperwallet.bitcoin.com

You can generate your own private and public key without depending on any third party...back to basics.....

Download it in local machine and Generate Wallet address offline....(disconnect your pc/laptop from any internet connection)....

That is the wrong Bitcoin you quote. Do not use Roger Ver stuff.

That is the wrong Bitcoin you quote. Do not use Roger Ver stuff.

Sorry to say and be so blunt but that is terrible advice.
Do not try to outsmart the best practice security-wise.

OP should try to learn to use a hardware wallet and not mess around with paper wallets and e.g. mport the keys afterwards, whose process doe not increase security at all. The more one tries to run own security practice and "improvements", the higher the risk to mess stuff up.

You can use Exodus wallet on Desktop with a hardware wallet as well.
Get a trezor or ledger.

 

[CyprusLawyer101]

Thank you everyone. This is some good feedback and info to look into. Appreciate the help!

 

[latindev]

Please for god's sake never use paper wallets, that's one of the worst solutions we have thought in the crypto space. I'm a developer and I even created my own wallet because I needed to manage hundreds of accounts and current wallets are not good for that and believe me a paper wallet is not what you should do, get a hardware wallet and learn to use it. Ledgers are easy to use these days and please backup your mnemonic phrase properly

 

[CyprusLawyer101]

Please for god's sake never use paper wallets, that's one of the worst solutions we have thought in the crypto space. I'm a developer and I even created my own wallet because I needed to manage hundreds of accounts and current wallets are not good for that and believe me a paper wallet is not what you should do, get a hardware wallet and learn to use it. Ledgers are easy to use these days and please backup your mnemonic phrase properly

Thank you, so I guess paper wallets are not in the game anymore.

 

[Martin Everson]

If i were to recieve a large incoming crypto payment into my exodus wallet, what potential risks do I have to consider?

If it comes from criminal activity, blacklisted address or has U.S nexus risk.

I am not aware where the sender will sent from.

Then do not provide them your wallet address until they confirm this beforehand. Any sniff of any connection with U.S or grey area activity and just run. Extradition to U.S is not fun if things go wrong with what ever your involved with.

 

[JohnnyDoe]

I am not aware where the sender will sent from.

the only risk is that if the origin of the coins is not clean, that might dirt your wallet. If you are using btc, then you are reasonably safe thanks to how the btc addresses are generated by Exodus. You might however want to go through a regulated exchange, leave to the exchange to do the analysis and create a proper paper trail.
That’s assuming you consider your payer trusted.

Totally different story if you know that the coins you will receive are compromised (for example, you are dealing with someone from FTX), but in this case you wouldn’t be posting here, right?

 

[JackAlabama]

Since Bitcoin cannot be tainted inherently, all the fugazi around it depends largely with who you deal with. Some entities might want to have 100 hops "clean", others only 1 or none even. There is no real definition for it.
You could also equally spray random wallets (all addresses are public) with dirty coins and hence make everything tainted etc.

Like with cash.
Not worth to stress overly over this (regardless of this source being Roger Vers side

There’s No Such Thing as Tainted Bitcoins – Op-Ed Bitcoin News

All bitcoins are created equal. But in the eyes of blockchain forensics firms, some bitcoins are more equal than others. If these companies are to be

news.bitcoin.com

 

[Martin Everson]

You might however want to go through a regulated exchange, leave to the exchange to do the analysis and create a proper paper trail.

This is good advice .

 

[JohnnyDoe]

Like with cash.

one thing is the random bill with some traces of cocaine on it. A different thing is a bag full of bills with pink ink on them.
Chain analysis is supposed (and usually does that quite well) to distinguish between the two.
The morale is: use xmr

 

[CyprusLawyer101]

Since Bitcoin cannot be tainted inherently, all the fugazi around it depends largely with who you deal with. Some entities might want to have 100 hops "clean", others only 1 or none even. There is no real definition for it.
You could also equally spray random wallets (all addresses are public) with dirty coins and hence make everything tainted etc.

Like with cash.
Not worth to stress overly over this (regardless of this source being Roger Vers side

There’s No Such Thing as Tainted Bitcoins – Op-Ed Bitcoin News

All bitcoins are created equal. But in the eyes of blockchain forensics firms, some bitcoins are more equal than others. If these companies are to be

news.bitcoin.com

This is an interesting distinction. Something becomes tainted at the eyes of those who want to control or impose a regime on something and those who follow them; it is therefore a subjective inference.

 

[JackAlabama]

one thing is the random bill with some traces of cocaine on it. A different thing is a bag full of bills with pink ink on them.
Chain analysis is supposed (and usually does that quite well) to distinguish between the two.
The morale is: use xmr

You can equally use coinjoin. xmr is anyway tainted by default.
Or bypass this whole charade by exiting via lightning.

This just highlights the whole futile exercise this whole spying on people under the disguise of aml/kyc has become.

 

[CyprusLawyer101]

the only risk is that if the origin of the coins is not clean, that might dirt your wallet. If you are using btc, then you are reasonably safe thanks to how the btc addresses are generated by Exodus. You might however want to go through a regulated exchange, leave to the exchange to do the analysis and create a proper paper trail.
That’s assuming you consider your payer trusted.

Totally different story if you know that the coins you will receive are compromised (for example, you are dealing with someone from FTX), but in this case you wouldn’t be posting here, right?

It seems that an exchange or an OTC / Escrow arrangement, where KYC is done, provides a good risk filtering.

No, nothing dodgy here

 

[diatessaron]

1. Make sure you receive a small amount first and then go for the big one.
2. Exodus is a safe wallet, your keys, your crypto.

Exodus is safe and Exodus will not freeze your coins, however, depending on where the coins are coming from and how long they stay in your wallet they might be marked by a 3rd party. Act fast.