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Colonial Pipeline Paid Almost $5M Crypto Ransom Soon After Attack: Report
The company previously said it would not pay the hackers.
Updated Sep 14, 2021, 12:55 p.m. Published May 13, 2021, 3:12 p.m.
Colonial Pipeline paid almost $5 million in ransom to allegedly Eastern European hackers, contrary to reports the company had no intention of doing so.
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- The private company paid the ransom in "untraceable cryptocurrency" to restore functionality to the U.S.' largest pipeline, according to people familiar with the matter, Bloomberg reported Thursday.
- The sum was paid within hours of the attack to the hackers, identified by the FBI as having links to the DarkSide group, according to Bloomberg's report.
- While "untraceable cryptocurrency" may point to a privacy coin like monero being used, CNN reported Wednesday the ransomware group had demanded payment in bitcoin.
- Colonial Pipeline resumed operations Wednesday, meaning petroleum could begin reaching five states in the East Coast region, including Florida and Georgia.
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See also: ‘Panda’ Malware Targets Crypto Wallets and Users’ Discord, Telegram Accounts
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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