According to Cointelegraph, a homeowner's attempt to sue his insurer for failing to cover a $170,000 loss due to a crypto scam has been dismissed by a United States appeals court. The Fourth Circuit Appeals Court ruled on October 24 that the Virginia District Court judge did not err in dismissing Ali Sedaghatpour's breach of contract claim against Lemonade Insurance. The homeowner's policy only covered 'direct physical loss' of property, which did not apply to the digital theft of cryptocurrency. Sedaghatpour had sued Lemonade Insurance in 2022, arguing that the insurer should have covered his $170,000 loss under his homeowner's policy. This case was notable as it involved a crypto user attempting to classify cryptocurrency as personal property under a home insurance policy. However, the appellate judges clarified that under Virginia law, direct physical loss requires 'present or impending material destruction or material harm.' They concluded that the digital theft of digital currency does not constitute a direct physical loss, and thus, no coverage for Sedaghatpour's loss of cryptocurrency was available under that section of the policy. The appeals court panel further noted that Lemonade Insurance had already fulfilled its obligation under a section of the policy that provided up to $500 for losses from 'theft or unauthorized use of an electronic fund transfer card or access device used for deposit, withdrawal, or transfer of funds.' The three-judge panel affirmed the federal court's order to dismiss Sedaghatpour's lawsuit. Sedaghatpour's lawsuit, filed in March 2022, claimed that he had transferred $170,000 to APYHarvest in December 2021, which turned out to be a scam entity posing as an investment firm. According to the complaint, APYHarvest provided Sedaghatpour with a key to a crypto wallet containing the transferred funds, which he stored in a safe at his home. He later discovered that the wallet had been emptied, leading him to accuse APYHarvest of stealing and selling his cryptocurrency. Sedaghatpour filed a claim with Lemonade Insurance, asserting that the loss should be covered under his policy, which provided coverage for personal property up to $160,000. In February 2023, a federal court judge dismissed Sedaghatpour's lawsuit, prompting him to appeal the decision a month later. Lemonade Insurance argued that while a crypto hardware cold wallet is a tangible object, the data it contains does not possess tangible properties and therefore cannot be considered a 'direct physical loss' of property. The insurer maintained that cryptocurrency remains intangible regardless of its storage method. Neither Sedaghatpour nor Lemonade Insurance's lawyer immediately responded to requests for comment.

Tòa phúc thẩm Hoa Kỳ khu vực thứ tư vào ngày 24 tháng 10 đã bác bỏ đơn kiện do Ali Sedaghatpour đệ trình chống lại công ty bảo hiểm của ông, Lemonade Insurance. Sedaghatpour tuyên bố đã mất 170.000 USD trong một vụ lừa đảo tiền điện tử và đang yêu cầu công ty bảo hiểm bồi thường theo hợp đồng bảo hiểm nhà của mình. Tuy nhiên, tòa án cho rằng theo luật Virginia, các hợp đồng bảo hiểm chỉ chi trả cho “những tổn thất vật chất trực tiếp” và những tổn thất về tiền điện tử của Sedaghatpour không đáp ứng được định nghĩa đó. Vụ kiện này là một trường hợp hiếm hoi trong đó người dùng tiền điện tử tìm cách yêu cầu tiền điện tử là tài sản cá nhân và buộc các công ty bảo hiểm phải trả tiền một cách hợp pháp cho những tổn thất do gian lận gây ra. Các thẩm phán tòa phúc thẩm giải thích rằng theo luật Virginia, "tổn thất vật chất trực tiếp" đòi hỏi phải có sự phá hủy hoặc thiệt hại về vật chất. Vì hành vi trộm cắp tiền kỹ thuật số không cấu thành “tổn thất vật chất trực tiếp” nên tổn thất tiền điện tử của Sedaghatpour không được bảo hiểm chi trả. (Cointelegraph)

Elon Musk has donated at least $132 million to support Donald Trump and other Republicans ahead of the 2024 election, including an additional $56 million in recent weeks. Disclosures reveal his super PAC, America PAC, is focused on boosting voter turnout in crucial battleground states. Musk has also allocated funds to other GOP initiatives, such … source: https://coinpedia.org/crypto-live-news/elon-musk-donates-132m-to-support-donald-trump-and-gop/

A United States appeals court said a federal court was right to toss Ali Sedaghatpour’s lawsuit claiming that his insurer, Lemonade Insurance, should cover him for a crypto scam loss. source: https://cointelegraph.com/news/homeowner-insurance-didnt-cover-crypto-scam-appeals-court?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

The Dutch government intends to align its data collection standards for crypto service providers with the rest of the EU, claiming this will “create more transparency.” The Dutch government is seeking public feedback on proposed legislation requiring cryptocurrency service providers, including exchanges, to collect and share user data with the local tax agency, which aligns with European... source: https://coinscreed.com/netherlands-seeks-input-on-crypto-tax-laws.html

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Bitcoin remains on an upward trajectory despite its recent price fluctuations, although some analysts believe that the cryptocurrency may have reached a temporary high, especially with the upcoming U.S. elections in focus. source: https://cryptodnes.bg/en/bitcoin-may-have-reached-a-temporary-peak-ahead-of-u-s-elections/

Just before the deadline, blockchain company Ripple submitted Form C for its cross-appeal in the ongoing XRP lawsuit against the U.S. Securities and Exchange Commission (SEC).  Attorney Bill Morgan expressed frustration over the SEC’s actions, suggesting that their appeal could be more about delaying the process than about confidence in their case. He said that … source: https://coinpedia.org/uncategorized/ripple-news-does-the-new-cross-appeal-mean-a-3-year-extension-of-the-sec-lawsuit/

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