A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. $BTC crypto cryptocurrency
Insurance Company Faces Lawsuit for Refusing to Cover Bitcoin Ransom Payment
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million. “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 hacking group reportedly said.
Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms.
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