Bitcoin's reputation as a non-government zone is questioned following US hacker snatches of $2.3 million

ByShehryar Makhdoom | Published date:

The FBI's recovery of Bitcoin ransom from a hacker bag raised security questions. Thecrypto is a state-free region, unimpaired by state monitoring, Bitcoin fans have long said. But this idea was put into doubt by the US move, analysts said, and bitcoin tumbled. Fans from Bitcoin have long argued that Bitcoin's decentralised design makes it an unregulated currency. However, on Monday, the US Department of Justice said it had reached a bitcoin "Wallet" and reversed 2.3 million US$ paid by Colonial Pipeline to hackers after a May ransomware attack. Analysts said that the dramatic move raised questions about how free Bitcoin actually is from state supervision. Susannah Streeter, senior investment analyst at the Hargreaves Lansdown Broker, said "The fast move of U.S. officers to track and track payments after having access to private keys for unblocking the Bitcoin wallet is a blow for crypto-fans who lauded their untraceable character."