Hi, I'm Dan Pramak, and welcome to Axios Recap, where we dig into one big story.

Today is Thursday, June 10th.

Inflation is up, the Keystone Pipeline is down, and we're focused on hacking the hackers.

Earlier this week, the U.S. Justice Department announced that it had traced and recovered

most of the Bitcoin that had been paid by colonial pipeline to Russian ransomware gang Darkside,

following last month's hack that had shut down gasoline supplies to much of the East Coast.

It was a fairly stunning development, given that a big reason hackers demand

cryptocurrencies like Bitcoin is that they consider them to be hard to trace and thus hard for

law enforcement to recover, certainly more so than a bag of hundreds left in a dark alley.

Two things to know. First, the price of Bitcoin plummeted between the time of the hack and the

recovery, so even though Colonial Pipeline got most of its Bitcoin back, it's still First, the price of Bitcoin plummeted between the time of the hack and the recovery.

So even though Colonial Pipeline got most of its Bitcoin back, it's still lost over $1 million.

Two, we don't actually know exactly how the feds trace the Bitcoin.

But we do know that all Bitcoin transactions, even ransoms, are recorded in something

called the blockchain, otherwise known as a public ledger.

That's not quite like a bank teller's ledger with names and addresses, but it does provide what

former federal prosecutor Katie Hahn calls digital breadcrumbs. The big question now is what all of

this means for future ransomware attacks, particularly as they seem to be becoming more prevalent.

Remember, since colonial pipeline, there have been hacks of the New York City Transit System,

meet producer JBS, and the Martha's Vineyard in Nantucket Ferrys in Massachusetts.

And those are just the hacks that have been disclosed.

So for answers and deeper insights, we want to speak with Gervis Grigg, a 23-year veteran of the FBI,

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