Dutch institution, Maastricht University, which paid cyberattackers €200,000 (approx. $208,000) three years ago as part of a bitcoin ransom, has now been compensated back. With the recovery, the university has also profited from the cryptocurrency’s more than tenfold increase in value.
In 2019, the university was hit by a ransomware attack in which criminals encrypted hundreds of Windows servers and backup systems, preventing 25,000 students and employees from accessing scientific data, the library, and email.
The cybercriminals demanded a ransom payment of €200,000 ($208,000) in Bitcoin.
After a week, the university agreed to pay the attackers.
As part of their investigation into the cyberattack, Dutch police discovered a bank account in Ukraine belonging to a money launderer, into which a relatively small portion of the ransom money — around €40,000 in Bitcoin — had been paid.
After more than two years, the authorities were able to return the ransom to the university. However, the value of the Bitcoin held in the Ukrainian account has risen from €40,000 to €500,000.
“This money will not go to a general fund, but into a fund to help financially strapped students,” said Maastricht University ICT director Michiel Borgers.
Even without the rest of the original ransom being returned, the university has more than doubled its 2019 payout.
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