Bitcoin Plummets 12% Amid FBI 'Ransomware' Hacking Fears

Intraday Drop to $31,000 Range
Hacking Does Not Appear to Have Succeeded

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Bitcoin prices are plummeting as U.S. authorities have succeeded in recovering Bitcoin cryptocurrency paid as ransom.

As of 12:00 PM on the 8th (local time), according to CoinMarketCap, Bitcoin prices have fallen 12% compared to 24 hours ago, trading around the $31,700 level.

Bitcoin has shown weakness for two consecutive days after the Department of Justice announced the day before that it had recovered most of the Bitcoin paid as ransom for the hacking of a pipeline company.

Bitcoin fell about 8% in the morning but the decline deepened afterward. The drop gradually expanded, breaking through $33,000 and $32,000 consecutively. During the session, it even recorded $31,100.

The cryptocurrency specialized media Decrypt reported that concerns over the FBI's successful hacking of the cryptocurrency network have led to a sell-off, but it stated that it does not seem that the FBI actually succeeded in hacking.

Decrypt said it is highly likely that the FBI cracked the 'private key,' a password that allows access to Bitcoin, by using specific information or account information from other exchanges.

The FBI revealed in documents submitted to the court that it secured the 'private key' that can access the Bitcoin where the ransom was sent and succeeded in seizure, fueling concerns about the possibility of hacking cryptocurrency.

The decline in Bitcoin prices also dragged down altcoin prices. Ethereum, the second largest by market capitalization, fell 13% to the $2,300 range, and Dogecoin also dropped 12%, trading around 31 cents.

This content was produced with the assistance of AI translation services.