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July 16, 2020
Why Hackers Use Bitcoin and Why It Is So Difficult to Trace
Source: The Wall Street Journal
Journalists Caitlin Ostroff, Paul Vigna
By now you have probably heard of bitcoin, even if you haven’t used it yourself. Launched 11 years ago, bitcoin is a digital currency that operates independently of third-party oversight from banks or governments. It allows two people anywhere in the world to exchange value across the internet in minutes.
Although it hasn’t found success as a mainstream, transactional currency, it is increasingly used in scams. On Wednesday, it was featured in a hack of prominent Twitter accounts. Purporting to be former President Obama, Bill Gates and Kanye West, hackers steered Twitter followers to send $1,000 in bitcoin, promising $2,000 in return. They drew more than $100,000 before the scam was shut down.
Read the full story and more from The Wall Street Journal.