The United States Department of Justice (DoJ) has announced that it has recovered 63.7 BTC worth $2.3 million from the recent ransomware extortion targeting the Colonial Pipeline. The seized crypto represents some of the ransom that the hacker group demanded. The notice states that the law enforcement was able to track the transfers to a specific address, to which the FBI had the private key.
Hacking group DarkSide targeted the Colonial Pipeline infrastructure with ransomware.
A hacking group called DarkSide targeted the Colonial Pipeline infrastructure with ransomware, putting critical services out of operation. The ransomware attack immediately stirred concerns about cybersecurity and the use of cryptocurrencies in asking for ransom. The Ransomware and Digital Extortion Task Force coordinated its efforts with other agencies to recover $2.3 million worth of bitcoin. This particular law enforcement division was created to combat the growing number of ransomware and cryptocurrency extortion attacks. The Colonial Pipeline was attacked in early May this year, and the group asked for a ransom of $5 million in bitcoin.
Ransomware attacks are a concern for regulators.
Initially, the Colonial Pipeline said that it would not pay the ransom. However, it changed its tack after no other solutions could be found. The U.S. authorities recommend not meeting ransom demands, but officials of the company were forced to go through with it after it began seriously affecting operations. The payment was made only hours after the attack. The current rise in ransomware attacks has caused financial regulators and other departments to take swift action against these crimes. As reported earlier, U.S President Joe Biden is planning to discuss cryptocurrencies at the upcoming G-7 meeting.