British jeweler paid $7.5 million crypto ransom to a hacking gang
A Graff spokesperson said that the criminals threatened to target the publication of our customer’s private purchases.
image courtesy:GraffDiamonds/Twitter
On Wednesday, Graff Diamonds Corp.’s jeweller in England paid a $7.5 million ransom in Bitcoin to Russian hackers after it leaked data on the jeweller’s high-profile clients, according to a London lawsuit.
According to MoneyControl, Graff, which counts Middle East royalty among its client base, sued its insurer for losses over the extortion saying that the payment should be covered under their policy. The Travelers Companies Inc. is refusing to pay the jeweller caused by the Bitcoin ransom, Graff alleges.
In September 2021, the Ransomware group Conti attacked the high society jeweller, leaking data about the Saudi, UAE, and Qatar royal families. They apologized to the families in an unusual move for a hacking group but threatened to leak more data about Graff.
A Graff spokesperson said that the criminals threatened to target the publication of our customer’s private purchases.
“We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat. We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings to the High Court,” they said as per MoneyControl.
