Cryptocurrency

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Fourth Circuit Holds Cryptocurrency Cannot Suffer Direct Physical Loss

The U.S. Court of Appeals for the 4th Circuit held yesterday that a crypto theft is not direct physical loss. In Sedaghatpour v. Lemonade Ins. Co., one of the relatively few recent coverage decisions addressing cryptocurrency, the court considered a theft claim of over $170,000 in cryptocurrency stored in a “hot wallet,” an internet-connected cryptocurrency …

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Ohio Supreme Court Holds Ransomware Attack Does Not Cause Direct Physical Loss

This week, in EMOI Services, LLC v. Owners Insurance Company, the Ohio Supreme Court held that a ransomware attack on a medical billing company did not cause direct physical loss of or damage to software, where the company’s computer equipment remained unharmed.  The Court further explained that the computer software does not have a material …

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Can cryptocurrency suffer direct physical loss?

Cryptocurrency, such as Bitcoin, Ethereum and Litecoin, is a digital or virtual currency.  Unlike traditional currency, cryptocurrency does not have any tangible existence, but rather exists purely as digital entries in an online database.  Given the relatively recent development of cryptocurrency, few courts have had occasion to address application of property insurance coverage principles to …

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Cryptocurrency Complications in the Property Insurance Context

Cryptocurrency, such as Bitcoin, Ethereum and Litecoin, is a digital or virtual currency that is secured by cryptography. A distinct feature of cryptocurrency is that it is not issued by any central authority, such as a bank. Instead, internet users help maintain and manage the value of cryptocurrencies.  Cryptocurrency does not have any tangible existence, …

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