Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment – Featured Bitcoin News
— Ransom, Featured, Sued, Insurance, Payment, Companies, Refusing, Jeweler, Million, Company — 1 min read
Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin 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. Experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million to $7 million. The jewelry company added: “We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery Source