Wednesday, 11 November 2015



"(ATLANTA) — As the business he co-founded was exploding into a mushroom cloud of pixie dust, BitPay co-founder, Tony Gallippi, was apparently jet-setting across the Atlantic, visiting London, and rapidly burning through company cash.

The first signs of trouble at the firm began surfacing on September 16th, as news stories began circulating of a hacking scandal within the executive offices of the struggling payment processor.

According to court documents, during December 2014, BitPay’s CEO Stephen Pair sent $1.8 million dollars to a bitcoin address provided to him in an email from an individual impersonating the company’s chief financial officer, Bryan Krohn.

firstclass2The news came to light after Bitpay elected to sue its insurance provider in an attempt to recover the lost funds. The company is asking the courts to force its insurance provider to cover the CEO’s multi-million-dollar blunder.

Even though BitPay has raised $32.5 million through three funding rounds, mistakenly sending nearly $2 million in bitcoin to the wrong person does eat up cash fast."



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