BitGo Unleashes FDIC-like Insurance Ushering in a New Era of Bitcoin Security
BitGo, a leader in Bitcoin security, announced Tuesday it had secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. With this announcement, BitGo joins the list of industry leaders including Xapo and Coinbase that offer insurance for bitcoin stored using their services. All of BitGo's paying....
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The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its marketing of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official. The FDIC is an....
The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.”
FDIC Orders 5 Firms to Cease and Desist
The Federal Deposit Insurance Corporation (FDIC) issued crypto-related cease and desist orders to five companies Friday. The agency regulates and insures the deposits of FDIC-insured....
FDIC insurance is highly sought-after by crypto exchanges, lenders, and other service providers. Is it the key to mass adoption? Over the years, several cryptocurrency companies have claimed that deposits with them were insured by the United States Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) as if they were regular savings accounts. While so far, no crypto firm has been able to offer depositors this type of insurance, some speculate it could be the key to mass adoption.The most notable case is that of bankrupt lender Voyager Digital, which saw regulators instruct....
BitGo has allegedly removed a previous blog post about its Bitcoin insurance policy following the recent Bitfinex incident where bitcoins were stolen from BitGo powered wallets. Since Bitfinex lost over $72 million worth of bitcoins in the recent security breach, the focus is now being turned towards its wallet provider as well. BitGo, the Palo Alto-based Bitcoin security firm is responsible for offering Bitcoin wallet services to the affected platform. While Bitfinex continues to investigate the origin of the hacking attack, disgruntled customers have found BitGo making few changes on its....
Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity prohibits anyone from “representing or implying that an uninsured deposit is insured.”
FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims
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