Colonial Pipeline CEO to Face Congressional Questions on Bitcoin Ransoms

Joseph Blount, CEO of U.S. oil pipeline company Colonial Pipeline, is expected to face Congress on Tuesday to provide justification for his May 14 decision to authorize a nearly $5 million bitcoin ransom payment, CoinDesk reports. Blount told The Wall Street Journal last month that he made the payment because Colonial executives weren’t sure how much damage the cyberattack would do to its systems or how long it would take to restore pipeline operations.