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

Author: Adam Button | Category: Cryptocurrency

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

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 and the government was able to recover 63.7 of them.

Until now, it wasn't know which cryptocurrencies 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.

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