Colony Pipeline Bitcoin Ransom – Bitcoin Network Not Hacked

When it was recently announced that the FBI had recovered more than 80% of the ransom paid in Bitcoin, there were many security concerns and many feared that the FBI had somehow found a way into the network. However, three cryptographers declared that these security fears were unfounded. A rumor that the FBI managed to break into the Bitcoin network and reclaim $4.4 million in Bitcoin that was paid as ransom for the colonial pipeline attack caused the Bitcoin price to soar. Many thought the government had found a way to hack the wallet containing Bitcoin. However, many experts rejected this theory, saying it was absolutely baseless. A recent article on Business Insider offered the views of three of these experts. Aya Kantorovich, head of corporate research for FalconX, pointed out that the Bitcoin network has not been hacked and law enforcement could abuse the handover process to hackers. “Bitcoin has never been hacked. In light of the Colonial Pipeline ransomware, it is important to distinguish blockchain from service providers that store, place, trade and ship bitcoin assets,” he continued: “Any wallet that stores and transfers assets on a centralized platform is frozen. We've seen these cases historically occur during stock market hacks, both in the US and abroad. But that has never undermined the validity of bitcoin being hacked in over 13 years.” Arca chief investment officer Jeff Dorman said the same would have happened if fiat was in fiat currency: "It's no different than I'm a Colonial Pipeline hacker and I requested a transfer in euros and at a certain moment I was sloppy and sent it through HSBC if the money went through HSBC. Same thing happened here At one point hackers were sloppy

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