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
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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 hacked or falls victim to a social engineering attack, leading to the loss of assets.
Crypto Shield, which became 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 stablecoins.
Bitcoin & Ether Latest Price Movement
This week has started slowly for major cryptocurrencies. As February ends, both Bitcoin and Ethereum show negative patterns.
Bitcoin is now valued at $39,398.04, with highs of $39,537.5 and lows of $35,000 for the month. It has increased in value by roughly 0.60% since February 26 and is now unstable.
While Ethereum is presently trading at $2,800.62 as of this writing, it has only increased 1.55% in the last 24 hours. It has a recurrent low of $2,681.79 and a recurrent high of $2,855.22.
Both cryptos have lower return yields than two months ago, which is due to theft-related issues and the Ukraine-Russian war in the crypto-market. Bullish tendencies are still probable as the year progresses.
Breach And Boost Collaborate On Security
Meanwhile, Boost and Breach collaborated to find and gain reinsurance coverage from Relm Insurance, assuring organizations’ participation in the cryptocurrency ecosystem.
“My team and I are thrilled to join forces with Breach’s concept for the first crypto-insurance for retail wallet holders,” Alex Maffeo, CEO and Founder of Boost, said.
“Our objective is not simply to make insurance more simple and accessible for end-users, but also to aid creative businesses like Breach in developing new insurance products for neglected areas,” Maffeo said.
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Featured image from Changelly, chart from TradingView.com