Bitcoin Payment Service BitPay Reports Hack and Loss of 5000 BTC

Bitcoin Payment Service BitPay Reports Hack and Loss of 5000 BTC

Recently revealed court documents have shed light on the inner turmoil at Bitcoin company BitPay. The Atlanta, Georgia based company lost 5000 bitcoin in December of 2014 after the Chief Financial Officer’s email was hacked. Following the email compromise, the hacker was able to spoof emails to the CEO, and request amounts totaling to 5000 BTC on three separate occasions. BitPay proceeded to file an insurance claim for the amount for the money, but was denied in June of 2015. BitPay has since sued their insurance company. With a social engineering attack such as this, even if BitPay’s top....


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