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How did a hard fork resolve the DAO hack? Couldn't the hacker have quickly liquidated the proceeds into fiat before the fork went live? How traceable would that have been?

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What was the hacker's plan in terms of liquidating the proceeds? Like how can you possibly get away with that -- couldn't an exchange like Coinbase easily map the recipient's address / key to a person? I'm a noob, just curious.

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