Recently, the US state government has seized more than $2 million in crypto ransom that was followed by an attack on the colonial pipeline system. It is the largest pipeline system for refined oil products in the United States. The line carries over 3 million barrels of fuel every day between New York and Texas. After the hack, Deputy Attorney General Lisa Monaco said that they were able to find and get back the ransom amount they paid to the hackers.
More about the attack and recovery
The Russian-based hackers were the ones who attacked the colonial pipeline and asked for the crypto ransom. Reports showed that about $2.3 million of this amount was recovered after the attack in the form of 63.7 bitcoin. The Deputy attorney also said they turned the tables on the side that fuels the entire ransomware and extortion ecosystem. He also added that they would continue to use their tools in order to prevent or take action against attacks like these.
The FUD
After this news, FUDs have been coming that the feds were able to find a backdoor in the Bitcoin network. It has led to a serious dip in the price of Bitcoin in the last few hours and about a 10% fall in the last 24 hours. This is obviously not true and is practically impossible due to the decentralized nature of Bitcoin. And that makes it impossible to hack. So, if someone does want to hack Bitcoin, they need to hack over 50% of the entire PCs that mine the same. Since reports were not clear on how the funds were recovered, the FUDs are flooding the internet.
What are your thoughts on the recent ransomware attack and the recovery made by the US officials? And do you think the FUDs are now getting too wild? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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