In the world of cryptocurrency there was always a element that criminals liked the currency because they could hide their money and it also enables direct online payments regardless of geographical location. The secrecy of it has led many in the establishment not to be involved but times are changing.
In an article from the Associated Press, a group called DarkSide hacked into Colonial Pipeline’s system and shut it down until Colonial paid a ransom. This was a larger operation than DarkSide had normally done because it affected 40% of the fuel going from Texas to the north and southeast of the US, people were not happy. The government was not happy and the Department of Justice was put into action.
The big story is the DOJ recovered most of the multimillion dollar ransom paid in cryptocurrency or reached into the the virtual digital wallet used by the hackers and took the money.
Linking to dividend paying stocks, hackers want money to live a lifestyle and to be rich and famous, taking their money away means they can not do that. Hackers will go after profitable companies because they have the money and can pay. Usually the insurance companies repay the companies, although it may mean insurance rates go up. It was interesting the DOJ can reach into the digital wallet and take back the money and hopefully they will do it again. The life of the treasurer of the dividend paying company became a little easier.
There are more questions than answers, till the next time – to raising questions.