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Colonial Pipeline Hackers Siphon $90 Million in Bitcoin

Hackers_behind_Colonial_Pipeline_attack_reportedly_received_$90
  • Colonial Pipeline hackers got away with over $90 million in bitcoin.
  • The FBI is blaming DarkSide cybercrime group for the attack.
  • DarkSide allegedly shut down last week.

The hackers responsible for the Colonial Pipeline ransomware attacks allegedly got away with $90 million in bitcoin. The FBI is blaming DarkSide cybercrime group for the attack.

DarkSide is an East European-based group that not only conducts cyber ransom attacks but also develops ransomware for other criminals.

In particular, the Colonial Pipeline attack forced the company to shut down a section of its pipeline in the USA. Colonial allegedly paid the hackers a ransom of $5 million. Reports estimate that DarkSide accumulated at least $90 million from all its attacks.

Also, according to research done by blockchain analytics firm Elliptic, the hackers had about $5.3 million in crypto. Elliptic managed to identify the hackers’ crypto wallet before the hackers lost access to their servers. In addition, the hacker’s crypto wallet was emptied by an unconfirmed party.

Moreover, DarkSide allegedly shut down soon afterward.

Cybercriminals favor crypto payments as they can easily distribute the ransom payments to other wallets. Using different wallets the hackers can then convert the stolen cryptos into fiat.

Unfortunately, crypto crime is not new or limited to ransomware attacks. Crypto exchanges in particular are vulnerable to attacks. For instance, Cryptopia exchange was forced to shut down after two consecutive hacks.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.