![]() ![]() Gox tragedy, when almost 850,000 Bitcoin tokens (now worth more than $35 billion) got stolen, still haunts every cryptocurrency holder. In the infamous 2016 Bitfinex hack, about 119,754 Bitcoin tokens (now worth $4.9 billion) were siphoned from the users’ accounts into a private wallet. We have seen incidents where hackers breached an entire exchange and slipped away with digital assets worth several hundred million dollars. Yet, these thefts are not the only concerns crypto investors face today. ![]() This represents a massive 516 percent increase over the total amount of crypto funds stolen in 2020. According to Chainalysis data, more than $14 billion in cryptocurrency was stolen in 2021 alone, with the majority of it occurring on DeFi (decentralized finance) platforms. ![]() Individual and institutional cryptocurrency owners are both plagued by the fear of their crypto accounts being breached or a hacker stealing all of their funds. Why Is There a Need for Crypto Insurance Policies? Why Are So Few Companies Providing Crypto Insurance?.Does the Government Provide Insurance for Cryptocurrency Investments?.Why Is There a Need for Crypto Insurance Policies?.The options are certainly not as numerous as those available for traditional investments, but things appear to be much better than they were just a few years ago. However, as the demand for insurance policies backing crypto deposits grows, we are seeing some startups take steps toward insuring crypto wallets. Most insurance companies are hesitant to enter this market due to the unpredictability and lack of a legal framework governing the crypto industry. Unfortunately, investors who own cryptocurrencies or other digital assets face a different set of challenges.Ĭrypto investors have few options for insurance. People invested in traditional securities, such as bonds and stocks, enjoy a wide variety of insurance options provided by the government and many private firms. If you use these links to buy something we may earn a commission.Įvery investor looks for secure insurance policies to protect their funds and investments against losses or theft. Are Crypto Wallets Insured? Everything You Need to Know ![]()
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