Bitcoin Sinks After Colonial Pipeline Ransom Recovery – Is It Right Time To Invest?

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As per the recent news, the Justice Department from the U.S. has recovered the multi-million dollar worth of Bitcoin ransom payment; made to hackers after a cyber-attack last month. This reflects success in the fight against the Ransom attacks.

The value of Bitcoin slumped to low, as some of the market analysts pointed to the recovery of Colonial Pipeline’s ransom; as proof that crypto isn’t beyond the Federal Government’s control.

U.S officials stated on Monday that they captured about 63.7 Bitcoin recovered to the recipients of a 75 Bitcoin paid by Colonial Soon after the early May Cyber Attack. And this resulted in the shutdown of the nation’s largest gas pipeline. This shutdown also caused fuel shortages across the east coast just ahead of the Memorial Day weekend.

The announcement made by Colonial CEO Joseph Blunt as he about to set to appear for the press meet on Tuesday; before a Senate committee and Wednesday before a House Panel.

As the value of Bitcoin declined since the Ransom attack happened, the U.S seizure announced that in late May amounted $2.3 Million; just over half the $4.4 million paid weeks earlier after the Ransom was demanded.

According to Deputy FBI Director Paul Abbate at Justice Department, that law enforcement identified a virtual wallet used in the ransom payment. And then they used to recover the funds. Also, he added that investigations stated that more than 90 companies victimized by Dark Side; as a Russia Linked Cybercrime group blamed in the pipeline attack.

According to Attorney General Lisa Monaco, “It’s really an honor for us to achieve success in this operation. Today we turned the tables on Dark Side.” Further, the statement continues, “Companies need to take extra precautions to protect their investment and intellectual property. Also, we are noticing that Dark Sides have been digitally stalking US companies for the part of last year.”

Since the government’s investigation has done; it has sent some positive signals that digital currency is not completely beyond Government Control. Experts have stated that they recovered Cryptocurrency only amounted to 69 bitcoins worth $2.3M.  Also, they highlighted that the investigators were able to recover the bitcoins only; as the hackers had left a chunk of ransom on the exchange or custodial wallet. They also stated that if the ransom hackers would have moved the money to cold storage; it may not have been seized.

Is it the Right Time to Invest in Bitcoin?

Market investors are now in a second thought; whether it’s the right time to invest in bitcoins or not. As per the experts, it’s better to wait for one more week to see the price of Bitcoin and then start investing. Meanwhile, they also advised the stockholders that they can also consider other cryptocurrencies like Ethereum, Stellar, etc.

If you want to stay updated with Bitcoins and other cryptocurrencies, stay tuned with us!