Crypto Investors Rejoice a Potential Turning Point in the War on Hackers
With a growing number of cybercriminals using cryptocurrency to avoid the law, authorities are becoming more adept at stopping them.
For all of the positives that cryptocurrencies have going for them – like strong security, easy transactions, and decentralization – there’s been a black cloud hanging over them for years now.
And in recent months, it’s grown larger.
The rise in high-profile ransomware attacks – in which a company’s computer systems are virtually held hostage until a fee is paid to the hackers – have painted cryptos like Bitcoin in a negative light.
That’s because Bitcoin has become the currency of choice for hackers. Thanks to the ability to keep cryptocurrency accounts anonymous, cybercriminals can receive payment in Bitcoin to an account that doesn’t require any of their personal information.
And while cashing out Bitcoins from illicit activities is a challenge – since all transactions can be tracked on the blockchain technology that Bitcoin uses – sophisticated hackers have developed means to do so.
But news came out yesterday that gives the digital market hope that the authorities are beginning to get a handle on the seedy underbelly of the crypto world.
Where’s the money?
Just a few short years ago, police and regulators had almost no idea how to stop hackers from making off with millions in cryptocurrencies from ransomware attacks. But years of experience and investigation – along with the help of some of the world’s best cybersecurity firms – have helped them become far more capable of fighting cybercrime.
On Monday, the Justice Department officials announced that they had recovered $2.3 million worth of Bitcoin that was paid to hackers by Colonial Pipeline in last month’s ransomware attack that caused widespread gas shortages in the eastern U.S.
According to affidavits, agents were able to track the Bitcoin that Colonial paid across several transactions before seizing it.
While that still leaves more than $1.1 million of the roughly $4.4 million that Colonial paid to the hackers unaccounted for, it’s a huge win for the authorities that are working to curb cyberattacks.
It also showcases the security that cryptos running on blockchain technology have to offer.
With this first bit of good news coming for Bitcoin in weeks as the value continues to fall, many investors are wondering if now is a good time to buy.
Here’s what I think…
How do I get some?
Bitcoin has had a rough month, falling from nearly $59,000 to as low as $31,245 yesterday.
And while I still believe in a bright future for Bitcoin and the cryptocurrency market in general, with the current market conditions, I still see more downside ahead for the world’s most-traded coin.
I’m not yet ready to predict a bottom for Bitcoin just yet, but I will be sure to keep you posted on when I believe the time is right for a buy.
For now – if you’re looking to put some money to work in cryptos – there is another opportunity available to you.
Ether, the second-most traded coin, has been trending down as well and is currently trading over 40% below the highs it achieved in May.
At these levels, I believe Ether is closer to its bottom than Bitcoin is, and would serve as a great way to diversify your crypto portfolio.
Blockchain Tech Is Where Billionaires Put Their Money Now
Venture capitalists and billionaire hedge fund managers are starting to pour millions into a technology created just years ago.
Blockchain has the power to build economic prosperity… to lift us into a new age of technological innovation… and to mint three million millionaires in the process.
Tech expert and 36-year Silicon Valley veteran Michael Robinson identified the five blockchain companies that could make you one of them.
In the Spotlight: More Big News for Apple
Yesterday, we discussed the new product offerings being unveiled at Apple’s annual Worldwide Developer’s Conference.
And the tech giant continues to make headlines.
There’s been a lot of speculation surrounding Apple’s desire to push into the electric vehicle space as the industry heats up.
Reports surfaced yesterday the Apple, Inc. (AAPL) is in talks with Contemporary Amperex Technology Co., Limited, and Warren Buffett-owned Chinese automaker BYD Company Limited BYDDY to source batteries for its own electric vehicle.
While it’s still unclear if a deal will be reached, it is an indication that Apple is getting serious about its EV aspirations.
As we wait for more definitive proof that the “iCar” will actually find its way onto production lines in the future, I’ll be keeping my ear to the ground for any developments. Stay tuned.