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Federal authorities this week announced they successfully traced and recovered most of the bitcoin that had been paid by Colonial Pipeline to a ransomware gang called DarkSide, following the May hack that shut off gas supplies to much of the East Coast.

Axios Re:Cap digs into the battle between law enforcement and crypto hackers, including how ransomware has become a global industry of its own, with Gurvais Grigg, a 23-year FBI veteran who now serves as public sector CTO at crypto firm Chainalysis.

Go deeper

JBS says it paid $11 million ransom after cyberattack

Photo: Chet Strange/Getty Images

JBS USA on Thursday announced it had paid hackers "the equivalent of $11 million in ransom" to resolve a cyberattack that forced the meat company to shut down.

State of play: The payment was made in bitcoin, per the Wall Street Journal. The company said it made the decision to pay the ransom after consulting with "internal IT professionals and third-party cybersecurity experts."

FBI director says cyber threat is increasing "almost exponentially"

FBI Director Christopher Wray testifies during a House Judiciary Committee oversight hearing on June 10, 2021. (Photo by Drew Angerer/Getty Images)

Cyber threats are increasing at a rapid pace, FBI director Christopher Wray warned on Thursday.

Why it matters: Multiple federal agencies and U.S. businesses — including meat producers and oil pipelines — have been breached this year, raising alarm for the nation's cybersecurity.

Felix Salmon, author of Capital
Jun 9, 2021 - Economy & Business

El Salvador moves into bitcoin

Salvadoran President Nayib Bukele. Photo: MARVIN RECINOS / Getty Images

El Salvador, wracked with gang violence, has a reputation for being the deadliest place on the planet that isn’t an actual war zone.

Driving the news: It’s also newly hot in the crypto world, after President Nayib Bukele announced (and swiftly enacted) a law saying his country would accept bitcoin as legal tender.