US recovered millions in cryptocurrency paid in ransom in Colonial pipeline hack

So much for the government not being able to get your crypto

CNN reports that the US Justice Dept will announce later today details of an operation to recover crypto that was paid in the Colonial pipeline hack.

Other reports said the company paid $4.4m in crypto but the report says the FBI was notified and the wallet used by the hackers was tracked.

It will be interesting to hear how the FBI recovered the crypto but it was likely at an exchange.

On the one hand, anything the discourages illegal activities in crytpo would be better for acceptance. On the other, if the government can take your crypto, then one of the use cases disappears.

Bitcoin was last at $35,579, down about 1% today.

Update: The Justice Dept info is trickling out and it says hackers were paid 75 bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term and the government was able to recover 63.7 of them.

Until now, it wasn't know which cryptocurrencies Cryptocurrencies Cryptocurrencies represent nearly counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies.Cryptocurrencies constitute decentralized networks, harnessing blockchain technology that crucially are overseen by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence from any government or central bank.Such digital currency stems from encrypti Cryptocurrencies represent nearly counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies.Cryptocurrencies constitute decentralized networks, harnessing blockchain technology that crucially are overseen by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence from any government or central bank.Such digital currency stems from encrypti Read this Term were involved.

Update 2: The hackers kept their bitcoin on a server located in Northern California, within the reach of US law. The FBI got the password to the account.