Bitcoin dips 11% in a day after DOJ seize millions in BTC from hackers

The Department of Justice said that it has hacked extortionists to seize $2.3 million worth of Bitcoin, dipping BTC's value by 11%

@Jak_ConnorTT
Published Wed, Jun 9 2021 5:05 AM CDT

Last month Bitcoin's value took a major dive after China banned mining and Elon Musk announced that Tesla was no longer accepting Bitcoin as payment for its electric vehicles.

Bitcoin dips 11% in a day after DOJ seize millions in BTC from hackers 01 | TweakTown.com

After making some steady gains, Bitcoin has taken another hit as the price of the cryptocurrency dived by 11% in just 24 hours. The drop occurred on Tuesday after the Department of Justice (DOJ) announced that it seized $2.3 million worth of Bitcoin that was related to a cyberattack on the Colonial Pipeline. The cyberattack shut down the US's largest gas line, and according to the DOJ, 63.7 Bitcoins were retrieved from the hacking group named DarkSide.

Forbes reports that the DOJ was able to retrieve the Bitcoin from the hacking group by, "reviewing bitcoin's public ledger, locating the transaction and using a private key to access the tokens." At the moment, it remains unclear exactly how the DOJ was able to get the private key to get access to the Bitcoins. Nicholas Weaver, a cybersecurity professor at the University of California at Berkeley, has said that the DOJ effectively hacked the hackers, which is something that has yet to occur in the cryptocurrency space until now.

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NEWS SOURCE:forbes.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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