Bitcoin based businesses have always been a target for hacking groups. There have been reports of hackers stealing a fortune from big and small businesses alike. While these intrusions and theft of bitcoin thefts gets reported easily when a smaller company falls prey for it, but it is not the same with big companies.
BitPay is one such example. Recently it was reported that BitPay was the target of a hacking incident where it lost over 5000 bitcoins. The attack reportedly happened last year, but the information was not made public until the company was forced to report the incident in the court of law.
BitPay is currently pursuing a lawsuit against its insurance provider for reportedly failing to honor the policy. The insurance company responsible to provide coverage apparently has issues with the circumstances under which the company’s systems were compromised. The news was picked up by all major and minor cryptocurrency news outlets.
Now, weeks after the report was made public, there have been new developments with the company. BitPay recently made major changes to its pricing strategy. The company used to offer unlimited free package for new merchants, which now stands discontinued and is replaced with