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HomeTechnologyBritish Jeweller Graff Diamonds surrenders to hackers by paying $7.5 million ransom

British Jeweller Graff Diamonds surrenders to hackers by paying $7.5 million ransom

Graff Diamonds Corp, a worldwide jewellery firm with headquarters in London, was compelled to pay a $7.5 million Bitcoin ransom to a Russian hacker group as a result of threats over the disclosure of client data.

According to a Bloomberg story, Graff Diamonds Corp. sued The Travelers Companies Inc., its insurer, for damages related to the extortion, claiming that the payment should have been covered by their policy. However, the insurance provider is refusing to pay the jeweller back.
Graff is a large, international jeweller with headquarters in London. Laurence Graff, a British jeweller, founded it in 1960. 
Middle Eastern nobility were among the clients of the upscale diamond shop exposed in September by the Russian-based ransomware organization, Conti. Conti apologised to the families in an unprecedented move for the hacking gang while threatening to release more of Graff’s data in an unprecedented move for the hacking gang.

Conti stated the following:

“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.”

On November 3, 2021, Conti granted Graff’s request to transfer part of their initial $ 15 million requirement to the Bitcoin fund to stop the publication of additional data. Graff paid a ransom for one of the largest Bitcoin transactions, but since then, the value of digital currency has plummeted.
On November 4, Graff would get 118 bitcoins in return for his contribution. However, 118 bitcoins only cost $2.3 million on Tuesday in London. Notingly there is still no confirmation if Conti withdrew the Bitcoin payment.

Graff spokesperson responded in the following manner:

“The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralised that threat.”

Read more: Scam Alert: Hackers hack Fantom and Polygon gateways to obtain users funds

Reporter of cryptoshrypto
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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