Crypto.com expands insurance program to cover $750M
The insurance policy is one of the largest in the cryptocurrency industry, reflecting heightened consumer protection standards. Digital currency exchange Crypto.com has expanded its insurance policy to cover up to $750 million worth of digital assets, offering an additional layer of protection for the platform’s 10 million users. The new policy, effective since Sept. 6, is backed by Arch Underwriting, a division with Lloyd’s Syndicate 12, the company announced Monday. The policy, which includes both direct and indirect custodian coverage, applies to Crypto.com’s cold storage assets held on....
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Institutional clients have shown strong demand for airtight and insured custody options. Digital asset custody firm BitGo has expanded its cold storage insurance program, raising its insurance capacity by $600 million.BitGo debuted its crypto insurance program through global insurance and reinsurance market Lloyd’s of London in 2019. This enabled BitGo clients to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering for up to $100 million.BitGo announced Wednesday that its “Dedicated Customer Excess Specie” insurance program has been....
The insurance industry is over two hundred years old and it has evolved into a vital component of the global economy. The demand for insurance has grown by more than 130 percent over the last decade and is now a staggering $5.5 trillion industry. With new businesses and opportunities coming to life, the demand is unlikely to cease. Likewise, one industry where the demand for insurance is growing at a rapid pace is crypto and DeFi. Despite the rising demand for insurance, today’s fragmented financial infrastructure faces significant challenges. Over 97% of cryptocurrency assets are not....
A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
Insurance Company Faces Lawsuit for Refusing to Cover Bitcoin Ransom Payment
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the....
If the vote passes, the claim will move to a validity committee to approve a possible payout of $340,000. In what might be an important step towards the maturation of the decentralized insurance space, a claim was filed yesterday with DeFi insurance protocol Cover following the $19 million Dai hack of Pickle Finance — and so far, the majority of users want to see a payout happen.According to the claim on Cover’s website filed Nov. 21, there have been 99 votes at the time of publication throwing roughly 9,800 COVER tokens — more than 99% of respondent tokens — behind a "yes" vote to pay out....
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group. The company's crime policies currently do not cover what it calls "virtual peer-to-peer mediums of exchange". As such, a new form of protective coverage has been made available through its Fidelity/Crime Division to both commercial and government policyholders. Great American explained its decision, stating: "Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide....