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Pursuits
Cybersecurity

Billionaire’s Jeweler Pays $7.5 Million Crypto Ransom to Hackers

  • Graff is suing Travelers over its refusal to cover the payout
  • Ransomware gang threatened to leak high-profile clients’ data

Luxury British jeweler Graff Diamonds Corp. paid $7.5 million ransom in Bitcoin to a Russian hacking gang after it leaked data on the jeweler’s high-profile clients, according to a London lawsuit.

Graff, that 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 jeweler’s loss caused by the Bitcoin ransom, Graff alleges.