Bitcoin Has a Traceability Problem

Raj Kane
Raj Kane
Jul 15, 2021 · 14 min read

Last month, the FBI took just a couple of weeks to recover over $2 million in Bitcoin from the Colonial Pipeline hackers who had stolen over $4 million worth of Bitcoin. Wait, isn’t Bitcoin that Internet money that’s used by shady criminals? It should be untraceable, right? Isn’t it a cryptocurrency, after all?

Also last month, the government of El Salvador adopted Bitcoin as legal tender (despite most Salvadorians either opposing the move, knowing nothing about cryptocurrencies, or being unable to use Bitcoin). Nayib Bukele asserted that citizens will not be legally…