In September, it was reported that BitPay was suing its insurer, Massachusetts Bay Insurance Company, for reimbursement of $1.8M funds lost in a phishing attack in December 2014. Now the insurance company has moved to dismiss the suit. Stan Higgins reports:
However, in a 17th November court filing, MBIC has stated that it believes it was justified in rejecting BitPay’s claim, formally requesting the court to toss the suit.
At the heart of the dispute is whether the transfers in question were fraudulently executed.
Read more on CoinDesk, where they’ve uploaded the insurer’s response. It’s an interesting situation, because the criminals didn’t authorize the funds transfers – the BitPay executive did.