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Dutch University Recovers Bitcoin Ransom Payment Worth 12x Original Value
After paying a ransom in Bitcoin (BTC) to regain access to data that was stolen by ransomware, a university in the Netherlands was able to retrieve the cryptocurrency and make a sizeable profit off of it.
Kabir V.
11:27 4th Jul, 2022
Bitcoin

The incident occurred in 2019, and as a result, faculty, staff, and students at Maastricht University were unable to access crucial personal data, including academic work, according to a report by Dutch daily news outlet De Volkskrant.

In order for the institution to obtain access to the data, the cybercriminals wanted a ransom payment of €200,000 (about $208,000) in Bitcoin. After a thorough investigation, the Dutch police were able to locate the bank account of a money launderer in Ukraine into which €40,000 of the ransom had been transferred.

About two years later, they were successful in paying back the share of the ransom that had been owed to the institution. Since that time, the value of the Bitcoin that was stored in the account had climbed from €40,000 to €500,000, which was more than twelve times the first ransom that the institution had paid.

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