Cryptocurrency fraud victims lose lawsuit, US appeals court upholds insurance company's exemption from liability
on October 24th, the US Fourth Circuit Court of Appeals dismissed a lawsuit filed by Ali Sedaghatpour against his insurance company, Lemonade Insurance. Sedaghatpour claimed to have lost $170,000 in a cryptocurrency scam and demanded compensation under his home insurance policy. However, the court found that under Virginia law, insurance policies only cover "direct physical loss," and Sedaghatpour's cryptocurrency losses did not meet this definition.
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