Every day, it seems, we glean a little more insight into the wonderful world of Bitcoin. Only a matter of time before we’re cryptocurrency savants. Whether we achieve this knowledge before or after the whole thing completely collapses like the scam it is remains to be seen.
To recap recent events, a few weeks ago, Russian-based cybercriminals hacked into the servers of Colonial Pipeline and locked up their systems, causing chaos up and down the East Coast. The hackers, working with a syndicate known as DarkSide, demanded 75 Bitcoin in ransom to release the company’s computers. Colonial paid the ransom, which was worth somewhere north of $4 million at the time of the payment.
Forward to this week: The FBI announced that they had essentially hacked the hackers. They were able to identify DarkSide’s Bitcoin “wallet” and received permission from a judge to confiscate as much of the ransom as they could. In the event, they were able to claw back about 75% of the money that Colonial had paid.
While I still have no clear idea what Bitcoin actually… is, one thing I did understand was that the whole appeal of the currency—especially to criminals—was its untraceability, it’s imperviousness to such mundane things as confiscation by legal authorities. Only, now it turns out that—go figure!—the same internet that facilitates criminal activity can be used to combat criminals, using many of the same hacking techniques employed by the criminals themselves!
Duffel bags full of cash are looking better by the minute.
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