Cryptocurrency News

Questions Pending as FBI Recovers Colonial Pipeline Ransomware Crypto Funds

US agencies They claim to have recovered most of the $4.4 million in crypto paid to the hackers of Colonial Pipeline. But vague details about the matter leave more questions than answers.

US Recovered Crypto Funds

last month, News broke that hackers had exploited a pipeline that carried refined gasoline from Texas to New York, leading to the shutdown of operations. The pipeline is responsible for 45% of the East Coast’s fuel supply.

chaos This was followed by an increase of 6 percent per gallon at the pump. But more than that, fear of shortages raised the alarm by market analysts.

Although the common practice is not to pay the hackers what was at stake, joseph blount, CEO of Colonial Pipeline Company, authorized the payment of $4.4 million demanded by hackers.

“I know it was a controversial decision. I did not take it lightly. I will admit that I was not comfortable seeing money going out to people like this.”

Yesterday, US agencies announced health benefit Most of these funds from Darkside; An eastern-European-based group claimed responsibility for the attack. CNBC Claims US agencies recovered more than half of the crypto funds, or $2.3 million in cash value.

FBI Deputy Director Paul Abbett said that his agency successfully confiscated ransom money from a bitcoin wallet used by Darkside to collect ransomware payments from Colonial Pipeline Company.

However, further details were not disclosed, allowing one to speculate as to how this was possible.

If the FBI had breached the wallet or somehow forced it to open, the crypto security is not as strong as we have been led to believe. Alternatively, if the crypto wallet was an exchange wallet, why would the exchange give partial returns?

How easy is it to crack a bitcoin wallet?

If the details are to be believed, logic suggests that the FBI may have sabotaged the wallet. But how easy is it to crack a crypto wallet?

Reports on this are mixed. a reddit The poster claims that a wallet recovery service broke into his wallet and refunded his money after he mistyped his passphrase (twice), minus one fee. It took five months and the poster also sent his wallet.dat file.

Another approach is to brute-force a crypto wallet, which tries every possible combination until the right one is found.

The Things That Matter Most blog said that brutally coercing a bitcoin wallet is nearly impossible. The effort required to achieve this exceeds the number of atoms in the universe.

“When I tell you that a bitcoin private key is a 256-bit number, you see “256” and think it’s relatively small. In fact, 256 bits means 2.256. There are many possible private keys.

Extended, 2256 is: 115,792,089,237,316,195,423,570,985,008,687,907,853,269,984, 665,640,564,039,457,584,007,913,129,639,936.”

Based on current computing power, a conservative assessment A brute force wallet attack takes 0.65 billion billion years.

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.