Colonial Pipeline Hackers Allegedly Received $90 Million In Bitcoin Before Shutting Down

DarkSide, the hacker group responsible for the US Colonial pipeline cyberattack that decimated vital fuel-carrying infrastructure across the US, has reportedly received $90 million in bitcoin ransom payments before shutting down its operations last week.

Colonial pipeline, which is one of the largest fuel transportation facilities in the US, was the subject of a cyberattack earlier this month, that forced the company to shut down its infrastructure for nearly a week. The FBI revealed that DarkSide, a cybercriminal gang based out of Eastern Europe, was responsible for the attack.

Earlier, it was reported that Colonial pipeline was forced to pay $5 million to group in order to get its infrastructure back up and running. However, it appears that Colonial’s payment was just the tip of the iceberg, because DarkSide has been collecting a significant fortune from its criminal activity. According to blockchain analytics firm Elliptic, DarkSide and its affiliates have collected up to $90 million in bitcoin ransom payments, that have come from 47 specific cryptocurrency wallets. The average payment from the various organizations is alleged to be around $1.9 million each.

Of the total $90 million, $15.5 million was allocated to the developer of DarkSide, while the remainder was sent to the gang’s affiliates. Majority of the funds have been transferred to crypto exchanges, where they can be converted into fiat currencies. “To our knowledge, this analysis includes all payments made to DarkSide. However, further transactions may yet be uncovered, and the figures here should be considered a lower bound,” said Elliptic chief scientist and co-founder Tom Robinson.

Information for this briefing was found via Elliptic. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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