Personal cryptocurrency insurance vital in growing market

Insurance Business America | October 07, 2019

The US cryptocurrency market has grown by 48% in the past year, with 6.72 million new crypto asset holders joining the space, according to cryptocurrency insurer, Nobl Insurance. The attractions are obvious: digital assets are exciting and oftentimes highly valuable, but they’re also volatile, unpredictable, and acutely exposed to emerging cyber risks. According to CipherTrace’s ‘Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report,’ cryptocurrency thefts due to cyberattacks have netted criminals $287 million in the first six months of 2019, and several alleged exit scams have resulted in fraudsters making away with more than $3.1 billion. The figures are alarming, and yet many investors are still failing to take appropriate precautions to protect their digital assets. Nobl’s recently published market report into ‘Cryptocurrency Ownership in the US’ highlighted a number of poignant market issues. For example, 65% of cryptocurrency owners who hold their digital funds in a hot wallet told the insurer they think their exchange is likely to be hacked and that they will suffer a loss. Despite that, the majority of digital currency holders opt to keep their assets in a hot wallet because of the relative simplicity and ease of trading compared to offline cold storage solutions, which are generally lauded as the gold standard of cryptocurrency storage.

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