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Why did scammers on Twitter use cryptocurrencies?


After the massive attack suffered today by dozens of accounts on the social network Twitter. Once again, a debate has begun around the security that virtual currencies provide, and their use by criminal organizations. Noting that they would be used to receive illegal income. For this reason, crypto influencer Andreas Antonopoulos explains in the Tweet Today, why Twitter scammers used cryptocurrencies:

Cryptocurrencies in the Twitter scam

Since the birth of Bitcoin, there has been a discourse around the cryptocurrency that accuses it of being used for criminal transactions. Thus, the fact that the Blockchain on which BTC is based is decentralized. It has led various policies and market analysts to accuse Bitcoin of being a mechanism for money laundering.

Scammers on Twitter used cryptocurrencies to carry out their attack
Scammers on Twitter used cryptocurrencies to carry out their attack

However, over the years, it has been proven that Bitcoin and other cryptocurrencies are no more used than fiat money in criminal transactions. On the contrary, the proportion of operations related to illicit activities seems to be much higher in the traditional financial system, than within the crypto market.

This has not prevented cryptocurrencies from being accused of being a criminal tool, in the face of the massive hacking suffered by dozens of users on Twitter this July 15. In which, cybercriminals asked for donations in Bitcoin, promising to duplicate any shipment made to their BTC address. To which Andreas Antonopoulos responds explaining why the criminals used cryptocurrencies:

Why is the attack on Twitter happening with accounts related to cryptocurrencies? Are they less secure? No, it is because an attack on this industry is immediately monetized. Why do they rob banks? Because that’s where the money is. Why do cryptocurrency companies hack … the same

In this way, Andreas Antopoulos makes it clear that the reason the hackers were targeting the crypto world is simply because of its positive qualities. Which can be exploited by criminals, as also happens with fiat money, without turning Bitcoin into a “criminal” currency.

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