• A diamond jeweler has paid a $7.5 million bitcoin ransom to Russian hackers

  • Graff Diamonds Corp, a worldwide jewelry company based in London, was compelled to pay a $7.5 million Bitcoin ransom to a Russian hacker gang after receiving threats regarding data leaks on the company’s high-profile clientele.

    Insurer Refuses to Pay Bitcoin Ransom Losses

    Graff Diamonds Corp. sued its insurance, The Travelers Companies Inc., for extortion-related losses, claiming that the payment should have been covered by their policy. However, the insurance company is refusing to reimburse the jeweler. Conti, a Russian-based Ransomware organization, exposed data about the elite diamond jeweler’s clientele, which included Middle Eastern aristocracy, in September. Conti apologized to the families but promised to disclose more of Graff’s data, an unprecedented gesture for the hacking outfit.

    “Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the group said at the time.

    The ransom was paid at the highest Bitcoin prices.

    On November 3, the hacker group agreed to transfer half of its initial $15 million claim to a Bitcoin wallet in order to prevent further of its material from being disclosed. A payment of 118 Bitcoin (BTC) valued $7.5 million made in November is now worth as little as $2.3 million at the time of writing. Graff paid the ransom at one of Bitcoin’s all-time high levels.

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