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U.S. DOJ Retrieves Over $2.1 Million in Bitcoin Paid as Ransom by Colonial Pipeline

The DoJ has been able to retrieve over $2 million in bitcoin paid as a ransom.

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The United States Department of Justice said that it recovered over $2 million worth of bitcoin, which was the majority of the ransom paid by the U.S. oil pipeline giant Colonial Pipeline to cybercriminal group DarkSide.

DoJ Recovers 63.7 BTC

The DoJ made the announcement in a press release on Monday (June 7, 2021). According to it, the department retrieved 63.7 bitcoins, worth $2.1 million, at the time. The operation was undertaken by the Ransomware and Digital Extortion Task Force, a unit created by the Justice Department in April to combat ransomware attacks.

Back in May, Colonial Pipeline suffered a ransomware attack from a criminal hacking group known as DarkSide, thereby crippling the company’s operations. Colonial Pipeline halted operations for almost a week due to the attack, causing general panic and shortages at gas stations.

The company paid a ransom of 75 bitcoins, worth $4.4 million at the time. Although Colonial Pipeline complied with the ransom demand, the company did not waste time in informing law enforcement about the attack. Meanwhile, the FBI was able to trace the transfer of about 63.7 BTC to a particular wallet address, with the law enforcement agent having the private key for the address.

In the DoJ’s announcement, Lisa Monaco, the U.S. Deputy Attorney General, said the Justice Department was committed to bringing down ransomware attack groups. According to Monaco:


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“We will continue to target the entire ransomware ecosystem to disrupt and deter these attacks. Today’s announcements also demonstrate the value of early notification to law enforcement; we thank Colonial Pipeline for quickly notifying the FBI when they learned that they were targeted by DarkSide.”

As previously reported by CryptoPotato in May, Colonial Pipeline was not DarkSide’s first victim to make ransom payments. The cybercriminal group, according to blockchain security company Elliptic, received $90 million in payments from over 40 victims.

U.S. Government Keen on Ending Ransomware Attacks

Meanwhile, there has been a growing attack on the United States.-based companies by ransomware hackers in 2021 alone. In February, the U.S. branch of the major car manufacturer, KIA Motors, was attacked, with the hackers threatening to raise their demand to 600 BTC if the company failed to pay within the specified timeframe.

The Steamship Authority of Massachusetts and JBS, the world’s largest meat processor, was also affected by ransomware attacks. The latter suspended cattle slaughter across its U.S. plants but later resumed operations.

In response to these attacks, the U.S. government is planning to track cryptocurrency transactions in a bid to prevent further ransomware attacks. Two U.S. senators also called for increased regulation and tracing of cryptocurrencies.

Indeed, cybercriminals demanding bitcoin payment as ransom fuels critics’ negative opinions about bitcoin and other crypto-assets. While there seems to be a rise in the use of crypto for ransom payment, cash still remains a top choice for hackers and other criminal acts.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/u-s-doj-retrieves-over-2-1-million-in-bitcoin-paid-as-ransom-by-colonial-pipeline/

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

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on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

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Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading

Blockchain

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

The post MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin appeared first on BeInCrypto.

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MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

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MicroStrategy, in its latest move signaling support for bitcoin, will sell up to $1 billion of its stock to buy the asset. The company published the relevant SEC form on June 14. CEO Michel Saylor, now one of bitcoin’s strongest proponents, also revealed the development on Twitter.

MicroStrategy has been consistently doubling down on its bitcoin bet, having made a considerable return on investment on its bitcoin purchases with the bull run in the first few months of 2021. Clearly, the company and its leading figure are betting on bitcoin to grow moving forward.

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Sponsored

The company is one that sticks to its word. Just yesterday, on June 14, it sold $500 million in secured notes to buy roughly 11,900 BTC. The news pushed the stock price of MicroStrategy by 12%.

MicroStrategy’s interest in bitcoin goes beyond just purchasing BTC and sitting on the asset. The company’s CEO is involving himself in more educational and awareness efforts, including the launch of a Bitcoin Mining Council.

Michael Saylor and the Bitcoin Mining Council

Recently, Saylor announced that the newly launched Bitcoin Mining Council would have a meeting on June 16 to discuss bitcoin’s energy consumption and possible green energy solutions. Notably, Elon Musk will not be a part of the mining council, though he has held a call related to the council in the past.

Musk’s tweets set off a storm of headlines related to bitcoin’s energy consumption, which subsequently sent the cryptocurrency’s price tanking. The Tesla CEO said that the company would stop accepting bitcoin payments for Teslas until mining switched to cleaner sources of energy.

Recently, he updated the status on this by saying that if there was confirmation of approximately 50% of mining using clean energy, as well as a “positive future trend,” Tesla would start accepting bitcoin again. This helped bitcoin’s price up, on top of the approval of the Taproot upgrade for the network.

The Bitcoin Mining Council itself is an organization composed loosely of individuals, groups, and miners that will focus on bringing positive changes to mining on the network. The FAQ on the council’s page goes so far as to say that it will not involve Elon Musk, assuaging the market’s concerns on the Tesla CEO, which it has grown upset with.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/microstrategy-sell-1b-stock-buy-bitcoin/

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Blockchain

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

The post MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin appeared first on BeInCrypto.

Published

on

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

Sponsored
Sponsored

MicroStrategy, in its latest move signaling support for bitcoin, will sell up to $1 billion of its stock to buy the asset. The company published the relevant SEC form on June 14. CEO Michel Saylor, now one of bitcoin’s strongest proponents, also revealed the development on Twitter.

MicroStrategy has been consistently doubling down on its bitcoin bet, having made a considerable return on investment on its bitcoin purchases with the bull run in the first few months of 2021. Clearly, the company and its leading figure are betting on bitcoin to grow moving forward.

Sponsored
Sponsored

The company is one that sticks to its word. Just yesterday, on June 14, it sold $500 million in secured notes to buy roughly 11,900 BTC. The news pushed the stock price of MicroStrategy by 12%.

MicroStrategy’s interest in bitcoin goes beyond just purchasing BTC and sitting on the asset. The company’s CEO is involving himself in more educational and awareness efforts, including the launch of a Bitcoin Mining Council.

Michael Saylor and the Bitcoin Mining Council

Recently, Saylor announced that the newly launched Bitcoin Mining Council would have a meeting on June 16 to discuss bitcoin’s energy consumption and possible green energy solutions. Notably, Elon Musk will not be a part of the mining council, though he has held a call related to the council in the past.

Musk’s tweets set off a storm of headlines related to bitcoin’s energy consumption, which subsequently sent the cryptocurrency’s price tanking. The Tesla CEO said that the company would stop accepting bitcoin payments for Teslas until mining switched to cleaner sources of energy.

Recently, he updated the status on this by saying that if there was confirmation of approximately 50% of mining using clean energy, as well as a “positive future trend,” Tesla would start accepting bitcoin again. This helped bitcoin’s price up, on top of the approval of the Taproot upgrade for the network.

The Bitcoin Mining Council itself is an organization composed loosely of individuals, groups, and miners that will focus on bringing positive changes to mining on the network. The FAQ on the council’s page goes so far as to say that it will not involve Elon Musk, assuaging the market’s concerns on the Tesla CEO, which it has grown upset with.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/microstrategy-sell-1b-stock-buy-bitcoin/

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