Colonial Pipeline reportedly pays $5M in cryptocurrency to hackers to end ransomware cyberattack

Colonial Pipeline reportedly pays $5M in cryptocurrency to hackers to end ransomware cyberattack

Posted May 13, 2021

Colonial Pipeline reportedly pays $5M in cryptocurrency to hackers to end ransomware cyberattack

  • The hackers were paid in “untraceable cryptocurrency within hours after the attack,” Bloomberg has reported, “are believed to be located in Russia or Eastern Europe.”
  • The cyberattack deployed ransomware, which takes a computer system hostage and refuses to unlock it until a payment is made.
  • After successfully resuming operation in part on Wednesday, “Colonial Pipeline has made substantial progress in safely restarting our pipeline system and can report that product delivery has commenced in a majority of the markets we service,” the company said Thursday morning in a statement.

– Nathan Bomey | May 13, 2021