Tech Week In Review: Colonial Pipeline Hackers, Ransomware Attackers, Back to the Office & More

FBI Likely Hacked Colonial Pipeline Hackers, Not Bitcoin to Recover Ransom:

The FBI was likely able to recover $2.3 million in bitcoin that Colonial Pipeline paid ransomware hackers in April because of poor password storage by the hackers rather than a security vulnerability in the cryptocurrency, according to crypto experts.

Nic Carter, founding partner of Castle Island Ventures said the FBI probably accessed a server on which the hackers stored the password, or “private key,” for the digital wallet in which they had deposited the ransom.

Carter said it was highly unlikely the FBI had broken the algorithm that ensures bitcoin is only spent by its rightful owner.

“In fact, that is so far-fetched, as to be impossible,” he said.

Jesse Spiro, global head of policy for Chainalysis, meanwhile, said “because of the transparency and traceability that cryptocurrency provides, you can actually more effectively follow the money and potentially mitigate and arrest illicit activity within this ecosystem, than you can with traditional finance and fiat currencies and payments.” (CNBC)

JBS Paid $11M to Ransomware Attackers:

JBS USA paid an $11 million ransom to the hackers that forced it to suspend operation at more than a dozen of its meat processing plants this month. The company made the payment, after consulting with cybersecurity experts, in order to avoid further disruption of its operations. (CBS NEWS)

Biden Shifts U.S. Approach on Tik Tok:

President Biden revoked a series of executive orders issued by President Trump that sought to ban the popular Chinese-owned apps TikTok and We Chat but which were blocked by federal courts from ever taking effect. Biden replaced those orders with one of his own mandating a review of apps connected to foreign adversaries to determine if they pose a security threat to the United States, which could ultimately make it possible for bans on Chinese apps to actually be implemented. (WALL STREET JOURNAL, VERGE)

Facebook Allowing More Employees to Work from Home:

Facebook said that starting June 15 it will be giving employees at all levels of the company the option of working from home if their jobs can be done remotely. The company also said that employees who do return to the office, likely in September or October, will probably be there about 50 percent of the time. (CNET)

IBM Employees Back to the Office in September:

U.S. employees of IBM will return to the office the week of Sept. 7, according to a memo from Chief Human Resources Officer Nickle LaMoreaux. The memo didn’t indicate whether employees would have the option of continuing to work from home either full or part-time. (CNBC)

-- Compiled by KOREY CLARK