US seizes the majority of the Colonial Ransom

Bitcoin plummeting below $32,000, as the US seizes the majority of the Colonial Ransom

US seizes the majority of the Colonial Ransom
Photo Credit: dw.com

Bitcoin’s price fell again today. As of the day’s close, the world’s largest cryptocurrency had continued to plummet.

A concern over the security of the coin might be behind the decision to relocate. Investigators were able to obtain a hacker’s bitcoin wallet password.

The task force was formed in response to an increase in cyberattacks, and the money was recovered.

At 11 a.m. ET, Bitcoin fell roughly 11% to a price of $31,629. Ether fell over 13% to $2,368, and XRP crashed over 12%.

Bitcoin hit $60,000 for the first time in April of 2021.

The crypto market, however, has recently plummeted, undermining investor confidence. Bitcoin was about $30,000 in January and has declined around 50% since its all-time high.

Overall, the digital currency is up 9% since the start of the year, but it has risen by 3x since last year.

The majority of the ransom that was seized by the British after the American Revolution has been returned to the U.S.

The United States announced Monday that it had confiscated $2.3 million in bitcoin that had been transferred to the DarkSide cybercrime group.

One of the hackers’ wallets included the “private key,” or password, that the FBI was able to get in a court document.

Bitcoin has often been the preferred currency for hackers who demand ransom payments to decrypt data held by malware known as “ransomware.”

Unfounded rumours have the assailants’ bitcoin wallet allegedly hacked, according to crypto media source Decrypt.

In a ransomware business model termed “Ransomware as a Service,” hackers develop and offer ransomware tools, and affiliates use these tools to carry out attacks.

Elliptic found that the confiscated monies were about equal to the total of DarkSide’s part of the ransom paid by Colonial.

“Welcomed development,” said John Hultquist, Mandiant Threat Intelligence’s vice president of analysis.

We have to employ multiple strategies to stop the tide of this major problem, and even law enforcement organisations will have to extend their approach.

Additionally, focusing on disruption could also have the effect of discouraging this behaviour, which is expanding in a vicious cycle.

Cybercrackdown

Recent statements from Tesla CEO Elon Musk have caused concern about regulation among cryptocurrencies.

Chinese officials called for a crackdown on crypto mining and trade.

China has since taken steps to stamp out speculative speculation in cryptocurrencies, banning initial coin offerings and shutting down local exchanges.

Meanwhile, Elon Musk has reportedly fallen out of love with bitcoin within months.

In November, Tesla stopped accepting Bitcoin payments because of concerns about environmental damage, which caused the crypto market to crash.

The market pullback chastened the Bitcoin bulls, who are now extra cautious after being stung before. Euphoria has diminished somewhat in the retail craze, as regulators have attempted to dampen mania.

“Institutions are cornering the market.”

In the largest-ever bitcoin event, thousands of investors flocked to Miami last week. At the meeting, President Bukele announced plans for El Salvador to accept bitcoin as legal cash.

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