Did Colonial Pipeline pay the ransom in cryptocurrency?

On 13 May, the general public learned that Colonial Pipeline paid approximately 75 Bitcoins, or around US$5M, in ransom. Coinciding with the China crackdown on Bitcoin mining, the news of the FBI’s “hack” of Bitcoin sent the broader market for cryptocurrencies tumbling.

What cryptocurrency is used for ransomware?

Bitcoin
Bitcoin is the cryptocurrency of choice for many threat actors, as it’s the most popular and accessible digital currency to date. It provides a degree of anonymity, and it’s reasonably easy to obtain, so requesting ransom in bitcoin makes it easier for victims to comply with crypto ransomware payment demands.

Who owns Colonial Pipeline?

Koch Industries
Currently, Colonial is owned by six companies: Koch Industries (28.09\%) South Korea National Pension Service and KKR through Keats Pipeline Investors (23.44\%) Caisse de depot et placement de Quebec (CDPQ) (16.55\%)

Is Colonial pipeline privately owned?

With the exception of Shell, Colonial’s owners today are privately held companies and pension funds. The 2019 Shell deal raised its stake in the pipeline from 6\% to 16.1\%, and today Shell is the only remaining integrated oil company to have a stake in the pipeline.

Does ransomware exist without cryptocurrency?

Without the existence of cryptocurrencies, ransomware would still be a big problem, says Nick Biasini, head of outreach at Cisco Talos. “If you go way back and start at the beginning of ransomware before it became the pervasive issue that it is today, it was actually not based on cryptocurrencies.

What is Colonial Pipeline net worth?

According to financial results filed with the Federal Energy Regulatory Commission, Colonial Pipeline Company has $3.1 billion of assets (against $2.6 billion of long-term debt) and generated net income of $420 million last year on $1.3 billion of revenues.