Colonial Pipeline's Bitcoin Ransom Mostly Recouped by U.S.
Comment of the Day

June 08 2021

Commentary by Eoin Treacy

Colonial Pipeline's Bitcoin Ransom Mostly Recouped by U.S.

This article from Bloomberg may be of interest to subscribers. Here is a section:

The action signals U.S. law enforcement’s ability, in some cases at least, to track cryptocurrency, identify digital wallets and seize funds, a potentially powerful tool in combating ransomware attacks in particular. The operation also reveals how quickly hacking operations can be identified by the FBI, which Abbate said has been investigating DarkSide since last year.

The FBI was able to find the Bitcoin by uncovering the digital addresses the hackers used to transfer the funds, according to an eight-page seizure warrant released by the Justice Department on Monday.

Eoin Treacy's view

Blockchains are public ledgers by design. Treating ransomware as if it is terrorism is a major escalation in the fight against this revenue model. It suggests the ability to transact secretly in bitcoin is about to garner a lot more scrutiny and most particularly from the tax authorities.

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