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    UK tightens visa rules for care workers, skilled workers and students

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    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

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    Beta Glass Plc announces N2.95 final dividend for 2024 FY

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    Again DMO offers N360 billion FGN bond for February

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    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

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US ransomware recovery raises question on Bitcoin’s reputation as government-free zone

Wednesday, 9 June 2021, 7:37 am
in Cryptocurrencies, Markets
0
Bitcoin fell below $32,000 on ‘double-spend’ report and possible ‘curtail’ by U.S lawmakers
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The US Justice department on Monday said that it has recovered most of the ransom paid to the hacker group Darkside. It said the FBI tracked down the ransom payment that Colonial Pipeline made to the hacker group DarkSide in May.

The FBI seized control of DarkSide’s proceeds by gaining access to a central account holding about 63.7 bitcoins, worth around $2.3 million, Deputy Director Paul Abbate said.

The FBI was able to access the “private key,” or password, for one of the gang’s bitcoin wallets and swooped in after a judge gave it the go-ahead. However, it did not say how the FBI came to know the key, which is effectively a password to the storage facility.

This recovery by the FBI raises a question on just how decentralized and free from government control that Bitcoin really is, as have long been argued by its fans.

Analysts said the dramatic move raised questions about just how free from state oversight Bitcoin really is.

“The rapid move by US agents in tracing and tracking the ransom paid, then retrieving it after gaining access to a private key to unlock the bitcoin wallet, is a blow to crypto fans who have lauded its untraceable nature,” said Susannah Streeter, senior investment analyst at broker Hargreaves Lansdown according to Business Insider.

“One of bitcoin’s most lauded qualities – its decentralized nature, away from the scope of government interference – is now under question.”

Read also: Internet outage hit multiple major news and government websites including White House

Edward Moya, senior market analyst at currency firm Oanda, said: “If the government can control servers and easily track where the money is going, bitcoin might not be as independent from big government as many have initially thought.”

Bitcoin fell to its lowest point in over a week on Tuesday, with analysts pointing to the FBI’s move as a key factor while some points to China crackdown over the weekend and Donald Trump’s interview on Monday.

“A portion of the people that use bitcoin are bad players, and some must have got nervous after hearing about the ransom recovery,” Moya said.

However, a crypto analysts said that the Bitcoin networked was not hacked, that the FBI used a key already in its possession.

“This seizure does not make bitcoin any less secure or decentralized, as the Justice Department was able to access the stolen funds with the private key that was already in their possession,” said Bobby Ong, cofounder of crypto data website Coingecko.

Some argue that increased oversight will make bitcoin more appealing. Anthony Scaramucci, the founder of investment fund SkyBridge, in a tweet argued that Bitcoin will be more appealing with more over sight. He tweeted: “Bitcoin transactions are anonymous but not untraceable. This will make the asset more and more acceptable once people understand this.”

Bitcoin transactions are anonymous but not untraceable.

This will make the asset more and more acceptable once people understand this.

— Anthony Scaramucci (@Scaramucci) June 8, 2021

Kit Juckes, macro strategist at Societe Generale, said the episode showed the power states have over the financial system. “I’ve always really assumed that, in the end, governments can win,” he said.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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