U.S. to announce recovery of millions from Colonial Pipeline ransomware attack

The U.S. Justice Department will announce the recovery of millions of dollars worth of cryptocurrency from the Colonial Pipeline Co. (COLPI.UL) ransomware attack during a news conference at 3:15 p.m. ET (1915 GMT) on Monday, a law enforcement official familiar with the matter said.

The department said U.S. Deputy Attorney General Lisa Monaco and other officials will speak on last month’s hack that led to massive shortages at gas stations along the East Coast just as the summer driving season began.

Last month, a cyber criminal group that U.S. authorities said operated from Russia penetrated the pipeline operator on the U.S. East Coast, locking its systems and demanding a ransom.

The hack caused a shutdown lasting several days, leading to a spike in gas prices, panic buying and localized fuel shortages in the U.S. Southeast. read more

Colonial Pipeline said it paid the hackers nearly $5 million to regain access.

The White House urged corporate executives and business leaders last week to step up security measures to protect against ransomware attacks after the Colonial attack and later intrusions that disrupted operations at a major meatpacking company. read more

U.S. Commerce Secretary Gina Raimondo said on Sunday the Biden administration was looking at all options to defend against ransomware attacks and that the topic would be on the agenda when President Joe Biden meets with Russian President Vladimir Putin this month. read more

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