Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Around the World

The U.S. recovers $2.3 million in Bitcoin paid in the Colonial Pipeline ransom

Ajibola Akamo by Ajibola Akamo
June 8, 2021
in Around the World, Energy, Spotlight
FG orders NITDA to design framework for lawful use of citizens’ data
Share on FacebookShare on TwitterShare on Linkedin

U.S. law enforcement officials said that they were able to recover $2.3 million in Bitcoin paid to the criminal cyber hackers, “Darkside,” who were responsible for the crippling ransomware attack on Colonial Pipeline last month.

Lisa Monaco, Deputy Attorney General at the U.S. Justice Department stated, “Today we turned the tables on “DarkSide.” The Attorney General also added that the government seized the money by court order.

The Justice Department is expected to announce details of the operation led by the FBI with the cooperation of the Colonial Pipeline operator. The ransom recovery is a rare outcome for a company that has fallen victim to a debilitating cyberattack in the booming criminal business of ransomware.

RelatedPosts

Cybersecurity in Nigeria’s energy sector: Lessons from the “DarkSide” 

READ: Colonial Pipeline: Road to recovery after $5 million ransom payment to hackers

Last month, the criminal cybergroup known as DarkSide launched a ransomware attack on Colonial Pipeline. The cyberattack forced the company to shut down approximately 5,500 miles of American fuel pipeline, leading to the interruption of fuel supply to nearly half of the East Coast and causing major gas shortages.

News continues after this ad


Joseph Blount, CEO of Colonial Pipeline Co. told The Wall Street Journal (WSJ) in an interview last month that the company complied with the $4.4 million ransom demand because officials didn’t know the extent of the intrusion by hackers and how long it would take to restore operations. Although, behind the scenes, the company had taken early steps to notify the FBI and followed instructions that helped investigators track the payment to a cryptocurrency wallet used by the hackers, believed to be based in Russia.

READ: U.S Government makes biggest crypto grab, worth $1 billion

News continues after this ad


What you need to know

Ransomware attacks involve a type of malicious software designed to block access to a computer system until a sum of money is paid. The FBI has previously warned victims of ransomware attacks that paying a ransom could encourage further malicious activity.

After the attack by DarkSide, President Joe Biden told reporters that the U.S. did not currently have intelligence linking the group’s ransomware attack to the Russian government. Although, the assault is believed to have originated from a criminal organization in Russia. President Joe Biden said on May 10, “So far there is no evidence from our intelligence people that Russia is involved although there is evidence that the actor’s ransomware is in Russia, they have some responsibility to deal with this,”

READ: London wealth manager cashes out $1 billion profit from Bitcoin Investment

He added that he would discuss the situation with Russian President Vladimir Putin. The two leaders are slated to meet in Geneva on June 16. But so far, The Kremlin has denied claims that it has launched cyberattacks against the United States.

The Biden administration is putting pressure on the private sector to shore up its defences against ransomware. Anne Neuberger, deputy national security advisor for cyber and emerging technology, said in a memo on June 2, “All organizations must recognize that no company is safe from being targeted by ransomware, regardless of size or location.”

She also added, “To understand your risk, business executives should immediately convene their leadership teams to discuss the ransomware threat and review corporate security posture and business continuity plans to ensure you have the ability to continue or quickly restore operations.”

The Biden administration has zeroed in on the less regulated architecture of cryptocurrency payments which allows for greater anonymity as it beefs up its efforts to disrupt the growing and increasingly destructive ransomware attacks. Anne Neuberger stated in an interview with CNN that, “The misuse of cryptocurrency is a massive enabler here. That’s the way folks get the money out of it. On the rise of anonymity and enhancing cryptocurrencies, the rise of mixer services that essentially launder funds.”

Alex Stamos, former Facebook chief security officer and co-founder of Krebs Stamos Group, suggested that the country may need to make cryptocurrencies illegal in the U.S. He stated, “In the Bitcoin era, laundering money is something that any nerd can do. You don’t need a big organized crime apparatus anymore. The only way we’re going to be able to strike back against that as an entire society is by making it illegal … I do think we have to outlaw payments.”

Related

Tags: Colonial Pipeline ransomDarkSide

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s central bank increases interest rates on savings deposit to 4.2%
    • Julius Berger to commission cashew processing plant in September
    • Official exchange rate closes at N430/$1 as FX supply surges by 190% to $134.30 million

    Follow us on social media:

    Recent News

    Access to finance remains one of the biggest threats to MSME – CBN

    Nigeria’s central bank increases interest rates on savings deposit to 4.2%

    August 16, 2022
    Julius Berger to commission cashew processing plant in September

    Julius Berger to commission cashew processing plant in September

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com