Tech »  Topic »  Bitcoin proves double-edged sword for criminals

Bitcoin proves double-edged sword for criminals


US authorities have said they were able to access the 'private key' to the hackers' bitcoin account of ransomware hackers Darkside.

Regulators have repeatedly criticised the growth of cryptocurrencies such as bitcoin because of their popularity with criminals but the technology's transparent transactions can also work against law breakers.

The lesson is one that has been learnt by cybercriminal hackers Darkside the hard way after the organisation extracted a $4.4 million ransom from oil company Colonial Pipeline in bitcoin.

Following the ransomware extortion, which forced the shutdown of a major fuel network in the eastern United States last month, the US Justice Department said it has clawed back $2.3 million of the funds by tracing financial transactions.

"Following the money remains one of the most basic, yet powerful, tools we have," US Deputy Attorney General Lisa Monaco said on Monday.

The financial forensics to track crypto transactions ...


Copyright of this story solely belongs to phys.org . To see the full text click HERE