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

July 6, 2022, 9:08 AM

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.

Ransomware group Conti attacked the high-society jeweler in September 2021, leaking data about the Saudi, UAE and Qatar royal families. Conti apologized ...