Unfortunately, it's the later - no details of exploit, just a proof.
If this comes to ransom, rather than unethical/unexperienced gray hat thing, are there any good steps to take? Or hiring an expert consultancy is probably the only good option here?
If this comes to ransom, rather than unethical/unexperienced gray hat thing, are there any good steps to take? Or hiring an expert consultancy is probably the only good option here?