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

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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!