TokyoTokyo Mon - Fri 10:00-18:00 +81 (368) 662-975
info@mountequitygroup.com

Hackers behind Colonial Pipeline attack received $90 million in bitcoin before shutting down

Mount Equity Group Tokyo, Japan > News > Tech > Hackers behind Colonial Pipeline attack received $90 million in bitcoin before shutting down

In this photo illustration, a bitcoin logo is seen displayed on an Android smartphone with a hacker in the background.Miguel Candela | SOPA Images | LightRocket via Getty Images

LONDON — DarkSide, the hacker group behind the recent Colonial Pipeline ransomware attack, received a total of $90 million in bitcoin ransom payments before shutting down last week, according to fresh research.

Colonial Pipeline was hit with a devastating cyberattack earlier this month that forced the company to shut down approximately 5,500 miles of pipeline, crippling gas delivery systems in southeastern states. The FBI blamed the attack on DarkSide, a cybercriminal gang believed to be based in Eastern Europe, and Colonial reportedly paid a $5 million ransom to the group

DarkSide operates what’s known as a “ransomware as a service” business model, meaning the hackers develop and market ransomware tools and sell them to other criminals who then carry out attacks. Ransomware is a type of malicious software that’s designed to block access to a computer system. Hackers demand a ransom payment — typically cryptocurrency — in return for restoring access.

On Friday, London-based blockchain analytics firm Elliptic said it had identified the bitcoin wallet used by DarkSide to collect ransom payments from its victims.