Cryptocurrency Q&A Why did JBS pay $11 million in Bitcoin?

Why did JBS pay $11 million in Bitcoin?

GyeongjuGloryDaysFestivalJoy Fri Jul 05 2024 | 5 answers 809

In the realm of cryptocurrency and finance, it begs the question: why did JBS, a leading global food processing company, opt to pay a whopping $11 million in Bitcoin? Was it a strategic move to tap into the rapidly expanding crypto market? Was it a response to rising costs in traditional currency transactions? Or was it simply a bold experiment in utilizing digital assets for corporate payments? The decision to use Bitcoin, a decentralized and volatile currency, is surely one that merits deeper analysis, particularly given its potential implications for the future of corporate finance and digital transactions. Why did JBS pay $11 million in Bitcoin?

5 answers

HanjiArtistryCraftsmanship Sun Jul 07 2024

The incident highlights a persistent challenge faced by illicit operators, such as bank robbers and drug smugglers: the dilemma of transporting and concealing substantial illegal proceeds without detection.

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143

SolitudeSeeker Sun Jul 07 2024

Cryptocurrencies, specifically Bitcoin, have emerged as a favored tool for such illicit activities due to their decentralized nature and perceived anonymity.

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173

Lucia Sun Jul 07 2024

BTCC, a UK-based cryptocurrency exchange, offers a range of services that cater to both legitimate and potentially illicit users. These services include spot trading, futures contracts, and digital wallet management.

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152

Chiara Sun Jul 07 2024

JBS, a renowned global meat supplier, disclosed on Wednesday that it had remitted $11 million in Bitcoin as a ransom payment to hackers following a recent cyberattack.

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264

GyeongjuGlorious Sun Jul 07 2024

With BTCC, users can buy, sell, and store Bitcoin and other cryptocurrencies, enabling them to engage in transactions that are difficult to trace or regulate.

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