Why Hackers Use Bitcoin and Why It Is So Difficult to Trace

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.