Court declares homeowners policy doesn't cover theft of cryptocurrency
The plaintiff, Ali Sedaghatpour, brought a claim against the defendant, Lemonade Insurance Company, for $160,000 following the loss of his cryptocurrency. The plaintiff owned many types of cryptocurrency that he stored on a hot wallet called APYHarvest. A hot wallet provides virtual storage for the owner, while the wallet is on a third party’s servers. APYHarvest is physically located in Ireland and England, but the wallet was always accessible to the plaintiff through the Internet.
- Angela C. Duncan
Commercial Realtor LPT
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