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Jeweler Graff Paid $7.5M Ransom to Hacking Gang

The company is suing its insurer, Travelers Companies Inc., saying the loss should have been covered.

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London high-society jeweler Graff paid a $7.5 million ransom following a hacking attempt, Bloomberg reports.

The company is suing its insurer, Travelers Companies Inc., saying the loss should have been covered.

The attackers “plundered the personal details of world leaders, Hollywood A-listers and billionaire tycoons in a massive ‘virtual heist,’” the Daily Mail reported in October. They were reported to have leaked tens of thousands of files. Documents released included receipts and credit notes.

Bloomberg reports that hacking group Conti was responsible for the attack. The ransom was reportedly paid in Bitcoin, which has fallen significantly in value since the payment was made.

A Graff spokesman told Bloomberg that the hackers “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 neutralized that threat,” the spokesperson said.

The lawsuit against Travelers was filed in London.

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