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Bitcoin moves above Monday's highs

BTC ransom from the US pipeline cyber-attack recovered

Posted Tuesday, June 8, 2021 by
Sophia Cruz • 2 min read

As the crypto space continues to expand, more and more crypto users are taking advantage of it. With that being said, some take advantage of it to harm individuals or companies, in the form of cyber-attacks.

As reported, millions of bitcoins have been located and recaptured from the Colonial Pipeline system, according to a statement by Deputy Attorney General Lisa Monaco in a press conference on Monday. A month ago, the Justice Department said that hackers shut down a key pipeline in the United States and demanded ransoms from its victim. The department recovered 63.7 BTC,which is equivalent to roughly 2.3M USD, from the hackers, who are suspected to be based in Russia.

Stephanie Hinds, a US attorney from the Northern District of California, said: “The extortionists will never see this money”.

The Colonial Pipeline is the biggest pipeline system for refined oils in the United States. As this company serves on a wide-scale operation, the shutdown – which lasted several days – resulted in a gas shortage, as the demand for gas increased. Moreover, the price of gas surged, leading to panic buying for some consumers.

The US government’s reaction to ransomware

Now, the Colonial Pipeline has recovered from the unexpected ransomware cyber-attack. According to a statement by the American Automobile Association (AAA) on Monday, fuel prices in the US went up by 6 cents per gallon over the week, rising to $2.967/gallon for regular unleaded gasoline. The US Government also intensified the rules regarding the transporting of fuels, in order to lessen interference in terms of supplies.

The White House called for a meeting with business leaders and senior executives regarding strengthening the security against ransomware attacks. The subject of ransomware will also be part of President Biden’s agenda during his meeting with Russian President Putin in Geneva this month.

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