WILL CRYPTOCURRENCY LOSE IT’S APPEAL TO CRIMINALS SINCE THE FBI RECOVERED THE OIL PIPE RANSOM
If you read the news then you’ve probably heared about the oil pipe hackers, their ransom and more recently how it was recovered.
There’s a lingering question on some people’s mind.
Is crypto done?
If you’re financially literate you know any means of exchange must have some sort of value.
Dollars are worth something because America provides some value.
So to the anti capitalist factions.
Money isn’t just paper.
It has value.
No value - it’s worthless.
This is precisely why my dad rejects crypto.
It isn’t affiliated with any particular person or company so how is it valuable.
I keep telling you dad.
The answer is ANONIMITY.
Nobody knows who owns what.
It’s perfect for criminals, money laundering politicians and market manipulating billionaires.
So if you heared that the US government seized part of the ransom (63.7 BTC) paid to the oil pipe hackers you’re probably thinking buying crypto isn’t financially smart.
If it can’t do it’s one fucking job then it’s not a good idea.
And yes I know even if the FBI have actually found a way to compromise crypto it will still work.
But at that point it’ll just be like a house of cards.
But I digress.
The point of this article is to answer whether or not crypto as we know it is done.
So basically the FBI seized 63.7 BTC of the 75 BTC the hackers collected as ransom for the oil pipe.
And what’s more is that in the DOJ’s public statement they said they obtained the private keys to the wallet containing the coins.
(P.S: Even if you don’t like crypto you should be scared.
Your Emails and almost everything else on the internet is secured similarly to crypto’s wallets).
That means even with VPNs and private the FBI can still tell you’re watching anal porn.
But don’t clear your history yet.
The good news is the FBI most likely didn’t crack the wallet.
What’s more likely is they had help from another party.
The statement only said they obtained the keys but not how.
I’m fairly confident that they didn’t hack it.
You see Bitcoin private keys work on the SHA-256 algorithm developed by the NSA, if BTC gets compromised well you can already tell the rest.
So they likely got tipped by an insider, or the exchange used to move the funds assisted in shutting the wallets down.
I’m willing to bet they didn’t hack it.
So no crypto isn’t done.
We will eventually reach the day when our current internet security can be compromised (quantum computers).
But not to worry the day is still very far away.
And before then there’ll be new security technology as well.
References: https://www-natlawreview-com.cdn.ampproject.org/v/s/www.natlawreview.com/article/empire-strikes-back-did-doj-hack-colonial-pipeline-hackers?amp_js_v=a6&_gsa=1&&usqp=mq331AQHKAFQArABIA%3D%3D#aoh=16243673252563&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.natlawreview.com%2Farticle%2Fempire-strikes-back-did-doj-hack-colonial-pipeline-hackers
Disclaimer: The images used in this post do not belong to me.
The burning coin is Binance and the House of Cards is from Pinterest.
