In January this year, Travelex experienced a ransomware attack leading to the shutdown of the website and other online services such as foreign exchange in Tesco and Asda banks.
The company later confirmed that the incident took place on the eve of the New Year 2020 and suspected the Sodinokibi Ransomware group behind the attack.
On January 13th,2020 the London based finance company began to update its customers on its recovery process and on January 17th,2020 it said that all its assets were now back and running normally.
Now, the news is out that the IT department of the Travelex paid 285 Bitcoins worth $2.3 million to regain access to the computer systems as recovering the data from the backups was not possible for reasons.
Finablr which happens to be a parent company of Travelex has announced that it has appointed Houlihan Lokey- an investment banker as a financial advisor to explore options on debt constructing, capital raise and sale of assets if the situation demands.
Houlihan Lokey is a firm with expertise in valuation, financial restructuring, and capital investment. It is reported to help financially strategize Finablr’s business subsidiary Travelex help come out of the repercussions associated with the 2020 Ransomware attack.
Note- Founded in 1976, Travelex is into the business of foreign exchange since then and is headquartered in London, United Kingdom. Its main business is payments in international denominations, bureaux de exchange, and credit cards in prepaid form.