BitPay, a Bitcoin payment processor, was hacked in December 2014. Nearly 5,000 BTC were stolen, with a value of $1.85M. BitPay filed a claim with Massachusetts Bay Insurance Company for the maximum amount allowed under policy – $950,000. The claim was rejected, because the initial incident that led to the theft compromised a business partner and not BitPay itself. Insurance expert: “I think its on [BitPay] for not understanding what they bought””]