Bitcoin passes the ransom test

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Bitcoin’s appearance as the ransom paid in Colonial Pipeline's hacking saga shows the cryptocurrency shares an ease in exchange with the U.S. dollar. The digital coin’s success on that front means regulators must step up their game, GinaChon writes.

Colonial Pipeline paid hackers nearly $5 million worth of bitcoins on May 7 to restore disabled computer networks, Bloomberg reported on May 13. After receiving the payment, the hackers provided a decrypting tool to enable access to its systems. The cyberattack led Colonial, one of America’s biggest fuel transport operations, to shut down pipelines, which caused some residents in the southeastern part of the United States to line up at gas stations due to worries about shortages.

The FBI has attributed the breach to DarkSide, a group that specializes in ransomware and is believed to be operating out of Russia or Eastern Europe.A representation of virtual currency Bitcoin is seen in this illustration on November 19, 2020.

 

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GinaChon It's not about Bitcoin. US Cyber Command? Asleep at the switch. Ransom paid: Thanks a lot for encouraging every single blackhat hacker to duplicate their crime.

GinaChon No thanks.

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