Security News > 2020 > April > Travelex Pays $2.3M in Bitcoin to Hackers Who Hijacked Network in January
Travelex has paid out $2.3 million in Bitcoin to hackers to regain access to its global network after a malware attack at the new year knocked the global currency exchange offline and crippled its business during the month of January.
Travelex said in this case it was experts who advised the company pay those responsible for the New Year's Eve attack, which forced the company to shut down its online services and its mobile app.
A recent report found that while payouts like the one Travelex made are not always made public, the majority of companies these days that are hit with ransomware attacks end up paying the hackers to spare themselves the hassle and financial penalty of the damage-financial and otherwise-having their networks shut down can cause.
The city of Baltimore experienced a highly publicized ransomware attack last year with a financial impact estimated at $18.2 million versus the $76,000 of bitcoin the hacker demanded, making the decision not to pay "Shortsighted," Zelonis noted in his report.
As the cost of not paying ransom continues to become higher than just giving in to hackers' demands, it's likely going forward that high-profile ransomware payouts like the one Travelex made will happen more often.