Could crypto insurance providers have swooped in to replace the $3.9 billion in stolen crypto last year? Don't bet on it.
He added that it doesn’t just stop there, as “there are several gradations of hot and warm, each with their own risk profile.”exploit, with attackers stealing nearly $23 million worth of crypto assets. The affected hot wallet held less than 5% of the exchange’s overall funds, and the remaining wallets have “not been compromised," according to the firm.
Zenkich explained that after determining the level of storage risk, the firm will then need to look at thousands of"business, technology, and operational variables,” before being able to work out how much of a premium to charge, stating: “Once we have the answers to all the applicable questions, we determine what kind of premium we would need to charge to justify taking on the risk.”are usually unwilling to insure individuals whodon’t hold assets on an exchange — such as through self-custody or other means.
Adrian Przelozny, CEO of the Australian crypto exchange Independent Reserve, said that this is because it “would be very hard” for a customer to prove to the insurance provider they actually lost the crypto and didn’t just take it themselves.Following a record-setting 2022, which saw USD 3.7 billion in stolen crypto, new research from TRM Labs shows crypto hacks are down 70% in Q1 2023.
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