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Published on May 27th, 2021 📆 | 4557 Views ⚑

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Bitcoin ATM Biz Says Poor Cybersecurity Led To $750K Hack


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Law360 (May 27, 2021, 3:25 PM EDT) -- Bitcoin ATM company Bitcoin of America said Wednesday that hackers stole over $750,000 worth of the cryptocurrency from its digital wallet because its cybersecurity provider failed to implement basic security measures, according to a lawsuit filed in Florida federal court.

SandP Solutions Inc., which does business as Bitcoin of America, said The Silver Logic LLC falsely promised enterprise-level cybersecurity protections. Instead, The Silver Logic's services failed to meet typical industry standards, opening the door to four hacks earlier this year in which Bitcoin of America claims to have lost roughly $750,000 worth of bitcoin.

"[The Silver Logic] fails to employ very...

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