The FBI’s seizure of ransom money from Colonial Pipeline’s hackers has raised questions about cryptocurrencies' ability to provide secure, anonymous transactions
roughly $4.4 million in cryptocurrency
to hackers holding its computer systems hostage, the Federal Bureau of Investigation followed the digital money. Over the next 19 days, court records show, a special agent watched on a publicly visible bitcoin ledger as hackers transferred the 75 bitcoins to other digital addresses. A May 27 transfer of nearly 64 bitcoins landed at a virtual address to which the FBI gained access, providing an opportunity to get a warrant and pounce., equal to about $2.3 million of Colonial’s initial ransom.
The operation demonstrates investigators’ growing technical ability to disrupt the financial infrastructure that has enabled ransomware gangs to squeeze hundreds of millions of dollars from victims each year, cybersecurity experts say. Despite cryptocurrency’s reputation asuseful to criminals and other groups that operate outside the traditional financial system, crypto experts say it is at times easier to track than hard currencies such as U.S. dollars.
“You can’t hide behind cryptocurrency,” said Elvis Chan, assistant special agent in charge of the cyber branch of the FBI’s San Francisco field office.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
17 Celebrities Who Got Dumped In The Worst WaysAlexa, play 'We Are Never Ever Getting Back Together' 🧚✨
Read more »
How the FBI Tricked Criminals into Using its Messaging AppThe FBI read millions of illicit chats in a global sting operation that netted hundreds of arrests. Here's everything we know.
Read more »
How to Clean Stainless Steel Pots and PansEverything you need to know to clean stainless steel cookware, even at its most abused.
Read more »
Lordstown Motors Warning Highlights Cash Needs of EV StartupsElectric-truck maker Lordstown Motors is seeking more money after getting over $600 million last year, highlighting the difficulties for startups trying to break into a capital-intensive business
Read more »
JBS paid $11 million in ransom after cyberattack, company saysMeat supplier JBS, which was the victim of a ransomware attack over Memorial Day weekend, paid $11 million in bitcoins to the hackers that penetrated their system, company says.
Read more »
Drew Barrymore Thinks Balance Is an Elusive BitchHere, the actress, talk show host, makeup maven, and mom talks staying hydrated, getting her old waves back, and her go-to meal.
Read more »