Published on November 21st, 2015 | by bitcoin0
bitpay security breached
An insurance company sued by industry startup BitPay following a claim dispute has fired back, denying the bitcoin payment processor’s allegations in a new court filing.
BitPay originally filed suit against Massachusetts Bay Insurance Co (MBIC) months after it lost 5,000 BTC (then valued at roughly $1.8m) following a phishing attack.
The company later alleged breach of contract and bad faith in a suit filed against MBIC.
BitPay is seeking $950,000 plus interest, as well as damages and court fees, from the insurer.
MBIC’s response can be found below:
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.