BitPay loses $1.8m in phishing attack

The insurer will pay if the event is a covered loss. If it not explicitly covered it may take some time to interpret the language of the policy where the coverage exists. The insurers first line of defense is to deny coverage unless explicitly covered, whereas in this case a bitcoin processor may not have been understood. Insurance companies are there for that, to provide coverage, and make payments for covered losses. Just the reading of the deductible and the maximum amount leads me to believe this is a general coverage policy. I would like to see the actual policy.

I agree with present stance of Insurance company as this incident had occured as Phishing attack. Bitpay would have informed as part of IT control about dos and don'ts of IT security ( Standard IT security policy guidelines) and iron cladded Firewalls, IDS,HDS etc controlling such attacks apart from IT security awarness.

I wonder Blockchain could have been used as electronic journal which can be used to trace those Three transactions.