New Crypto Security Solution Protects Bitcoin, Other Digital Assets From Theft

When people evaluate the unpredictability of the cryptocurrency market, they can see why crypto security is so important. Online crypto wallets and exchanges have been hacked in large numbers in the last 24 months. “The value of cryptocurrency taken from victims climbed by 82% to $7.8 billion in 2021,” Chainalysis’ most recent Bitcoin Crime Report shows. Bitcoin, Ethereum, and other cryptocurrencies are increasing in value, and these findings demonstrate that cryptocurrencies operate in a chaotic environment that the traditional financial system ignores or refuses to recognize. Crypto Shield: For Crypto Security Because cryptocurrencies lack regulation, they cannot be insured by the Federal Deposit Insurance Corporation (FDIC) like regular bank deposits. Boost Insurance and its InsurTech partner Breach Insurance have introduced Crypto Shield, a cryptocurrency insurance solution. According to ZDNet, the service would be used whenever cryptocurrencies are stored through exchanges such as Coinbase or Binance in the United States and other countries. Total crypto market cap at $1.734 trillion in the daily chart | Source: TradingView.com Related Article | A Crypto War Is Raging – Crypto Donations Fuel Russia-Ukraine War Retail wallet owners may use Crypto Shield to protect their bitcoin against theft. People who Crypto Shield insures may be compensated for the value of their coverage if the custodian is ...