A recent report by The Wall Street Journal reveals that Travelex paid an astounding $23 million in ransomware through 285 Bitcoin…
London-based foreign exchange firm reportedly paid out $23 million in ransomeware to a hacking ring, according to a news report by The Wall Street Journal. The company purportedly paid out the demands visa-via 285 Bitcoin to recoup control of its operations.
WSJ Report Claims Travelex Paid $23 Million Ransomware
Travelex, which specializes in international payments, foreign currency exchange, issuing prepaid credit cards for use by travelers and global remittance, was crippled by a New Year’s Eve attack. The company later disclosed through a statement that its computer network was forced offline due to the Sodinokibi ransomware, aka REvil.
By January 13th, the company said it was in the process of updating its customers on its ongoing recovery processes. Then, on January 17th, the organization states its first of its customer-facing systems were back up in normal operation. Though it paid the ransomeware, it still took weeks for its systems to regain routine function.
Thereafter, parent company Finablr announced it has appointed a bank to act as an Independent Financial Adviser to “explore strategic options for the Company including a debt restructuring, capital raise or sale of assets.”