Troubles Continue for BitPay in Wake Of Hack
BitPay, the Bitcoin payment processor, has endured a troublesome week. First, it was made public a hacker gained access to the CFO's email account and coaxed the company into sending nearly $2 million. The company recently made major changes to its free plan, as well as apparently laid off numerous employees. The company filed a lawsuit September 15 in Atlanta federal court claiming that, in December 2014, BitPay's chief financial officer, Bryan Krohn, was tricked by a hacker into sending $1.8 million to a hacker. "After capturing Mr. Krohn's Bitpay credentials, the hacker used that....
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The false tweet. Source: BitPay. The folks over at BitPay aren't kidding around when it comes to the security of their users. The digital currency payment processor today vehemently dismissed rumors that their service was somehow hacked - putting user funds at risk. A Twitter user by the handle @petertwynn posted the following text on Saturday:
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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The CEO of Bitcoin merchant services industry leader BitPay has suffered a phishing scam that cost the company 5,000 bitcoins or over US$1.8 million, reports the Atlanta Business Chronicle The scam occurred last December and the target was BitPay’s chief financial officer, Bryan Krohn. It all started when Krohn received an email, allegedly from an online digital currency publication looking for commentary on a document about the Bitcoin industry. This was an email sent from a hacker who had taken over a computer. The hacker sent Krohn to a website where Krohn is alleged to have given the....