At present, there are 2.05 trillion dollars worth of cryptocurrency circulating markets. The cryptocurrency holds a larger market than Italy – the eighth largest economy in the world. That’s why it is important to think about crypto insurance to protect it.
Over seventy-nine percent of global trading is fueled by the top 10 cryptocurrencies.
Cryptocurrency acquisition by illegal means has reached unprecedented volumes. By the end of last year, cryptocurrency theft had almost doubled from $7.8 billion to $14 billion. A shocking amount of cryptocurrency and NFT theft is projected to increase as more and more people buy them.
Prevention strategies to guard against cryptocurrency theft are hard to concoct, given the innumerable ways through which it’s stolen. Phishing is a frequently used technique that utilizes social engineering to harness information by hacking emails, texts, and other online messages to gain access to cryptocurrencies. This method alone has garnered $115 million in cryptocurrency theft. Ransomware, blackmail, and fraud, have embezzled over $103 million, as another mode of attack used by exploiters. Over $7.4 million in cryptocurrency theft has been attributed to the hacking of software, wallets, and other systems. Ponzi schemes have managed to reel in over $2 billion. This method pays investors assets portions of profits earned by other investors.
As with any type of insurance, you should begin by identifying your cryptocurrency as well as your NFT. Begin by looking for providers and comparing quotes. Then, comparing the quotes and coverage provided, decide which is the best for you and make an informed decision. Learn more about crypto insurance below: