Business

Bitcoin (BTC) prices fall as US seizes most of colonial ransom

A banner with the Bitcoin logo was displayed at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Miami, Florida, on June 4, 2021.

Marco Bello | AFP | Getty Images

Bitcoin Prices fell again on Tuesday. The reason for the move is unknown, but it could be related to concerns about cryptocurrency security after US authorities managed to recover most of the ransom paid to hackers targeting the Colonial Pipeline.

According to court documents, investigators were able to access the password for one of the hacker’s Bitcoin wallets.Money was recovered by A Recently launched task force In Washington, it was created as part of the government’s response to an increase in cyberattacks.

According to Coin Metrics data, the world’s largest cryptocurrency fell more than 7% to $ 32,952 at 5am EST. Smaller digital coins also fell, Ethereum fell 7% to $ 2,524 and XRP fell about 6%.

April 2021 Aiming for a banner year For digital assets, Bitcoin has exceeded $ 60,000 for the first time. However, the recent plunge in cryptocurrency prices has shaken confidence in the market. Bitcoin fell to nearly $ 30,000 last month and is now down almost 50% from its all-time high.

Digital currencies have risen only 14% since the beginning of the year, but are still more than three times more expensive than they were a year ago.

US collects most of colonial ransom

On Monday, U.S. law enforcement officials said Seized $ 2.3 million Bitcoin It was paid to DarkSide, the cybercriminal organization behind the devastating cyberattacks in the Colonial Pipeline.

According to court documents, the Federal Bureau of Investigation had access to one of the hacker’s Bitcoin wallets, the “private key” or password. Bitcoin is often the currency of choice for hackers who demand a ransom to decrypt data locked by malware known as “ransomware.”

Cryptographic media outlet decryption report There were unfounded rumors that the attacker’s Bitcoin wallet was “hacked.”

DarkSide Reportedly received $ 90 million Before the closure, Bitcoin ransom payments operated a so-called “ransomware as a service” business model in which hackers developed and sold ransomware tools and sold them to affiliates conducting attacks.

According to the blockchain analysis company OblongThe seized funds accounted for the majority of the DarkSide affiliate’s share of the ransom paid by the colonial.

John Hultquist, vice president of analytics at Mandiant Threat Intelligence, calls the move a “welcome development.”

“It has become clear that we need to use some tools to stop this wave of serious problems. Even law enforcement agencies are against criminals who may be beyond the understanding of the law. We need to expand our approach, not just build proceedings. “

“In addition to the direct benefits of this approach, focusing on confusion can diminish the motivation for this action and is growing in a vicious circle,” he added.

Crypto crackdown

Bitcoin (BTC) prices fall as US seizes most of colonial ransom

Source link Bitcoin (BTC) prices fall as US seizes most of colonial ransom

Back to top button