When people assess the unpredictability of the cryptocurrency market, they can see why crypto security is so important.
Online crypto wallets and stock exchanges have been hacked in large numbers in the last 24 months.
“The value of cryptocurrency taken from victims has risen by 82% to $ 7.8 billion in 2021,” shows the latest Chainalysis report on Bitcoin crime.
Bitcoin, Ethereum and other cryptocurrencies are growing in value, and these findings show that cryptocurrencies operate in a chaotic environment that the traditional financial system ignores or refuses to recognize.
Crypto Shield: For crypto security
Because cryptocurrencies are unregulated, they cannot be insured by the Federal Deposit Insurance Corporation (FDIC) as ordinary 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
Retail wallet owners can use Crypto Shield to protect their bitcoins from theft. People provided by Crypto Shield can receive compensation for the value of their coverage if a caregiver is hacked or falls victim to a social engineering attack, leading to the loss of property.
Crypto Shield, which went online on February 15, is primarily concerned with bitcoin theft and crypto security. Shield protects 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Tether, Solana, Dogecoin and stable coins.
Bitcoin & Ether Latest price movements
This week started slowly for major cryptocurrencies. As February ends, both Bitcoin and Ethereum show negative patterns.
Bitcoin is now valued at $ 39,398.04, with a high of $ 39,537.5 and a low of $ 35,000 for the month. It has risen in value by approximately 0.60% since February 26 and is now volatile.
While Ethereum is currently trading at $ 2,800.62 as of this writing, it has only risen 1.55% in the last 24 hours. It has a periodic low of $ 2,681.79 and a periodic high of $ 2,855.22.
Both cryptocurrencies have lower yields than two months ago, due to problems related to theft and the Ukrainian-Russian war in the crypto-market. Bull tendencies are still likely as the year goes by.
Break through and strengthen security cooperation
Boost and Breach, meanwhile, have worked together to find and obtain reinsurance coverage from Relm Insurance, ensuring organizations participate in the cryptocurrency ecosystem.
“My team and I are thrilled to have joined forces with Breach’s concept for the first crypto-insurance for retail wallet owners,” said Alex Maffeo, CEO and founder of Boost.
“Our goal is not only to make insurance simpler and more accessible to end users, but also to help creative companies like Breach develop new insurance products for neglected areas,” Maffeo said.
Featured image from Changelly, chart from TradingView.com