The perils of suing crypto exchanges after ransomware attacks
Cointelegraph
Published Apr 18, 2021 07:12AM ET
Updated Apr 18, 2021 09:00AM ET
In October 2019, unknown hackers infiltrated a Canadian insurance company by installing the malware BitPaymer, which encrypted the firm’s data and IT systems. The hackers demanded a ransom of $1.2 million be paid in Bitcoin (BTC) in return for the decryption software needed for the firm to regain access to its systems.
The firm’s United Kingdom-based insurer — known only as AA — arranged to pay the BTC ransom, and the firm’s systems were back up and running within a few days. Meanwhile, AA started the process of seeking legal avenues to recover the BTC obtained by the hackers. It engaged the blockchain investigations firm Chainalysis, whose investigations revealed that 96 of the 109.25 BTC paid had been transferred to a wallet linked to the Bitfinex exchange.
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Written By: Cointelegraph
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