Major Korean Insurer to Offer Crypto Exchanges Insurance for Hacking Damages

[mijasda]

A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.


https://news.bitcoin.com/korean-insurer-crypto-exchanges-insurance-hacking-damages/

[auliahr]

very interesting and this will make it convenient for traders to remain calm in carrying out their trading activities, without being noticed due to frequent hacking. I hope insurance against this exchange can be realized immediately and can eliminate the fear of hacking experienced by the exchange so far.

[RoadRascal]

Its great for me and this will make it helpful for dealers to continue calm in carrying away their exchanging activities, without being taken note due to common hacking. I hope insurance beside this exchange can be realized right away and can eliminate the fear of hacking experienced by the exchange so far.

[Ilmiyati]

it becomes a very good thing for crypto with the guarantee from the insurance then the crypto traders who are trading in certain exchanges that have been protected by insurance services, will feel a little more calm, because they don't need to worry about losing what is their assets , but what is my question, how do they compensate traders if a case occurs as mentioned? Will they replace with certain claims or traders also have to pay for insurance polish for their investment?

[St4yInTh3D4rk]

A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.


https://news.bitcoin.com/korean-insurer-crypto-exchanges-insurance-hacking-damages/

I don't think most of the insurance company will cover the hacked amounts because if they are willing to pay those amounts then it might be turns into insurance scams as well.But if that happens then more people will keep their funds at the exchanges and it will increase the value of those exchanges.

[vv181]

~snip
how do they compensate traders if a case occurs as mentioned? Will they replace with certain claims or traders also have to pay for insurance polish for their investment?

Personally, such case will up to the owner exchange's policy. But a compensation for traders will be a good option without any extra fees because it should be the user's rights and the exchange's faults. Nevertheless, compensation for hack case should indirectly make the identity verification become stricter for the sake of 'security' and others such things for the exchanges.

[tamango]

I think this is a very interesting news because too many exchanges have been attached by hackers and not all of them have refunded their customers...

[Wipro]

A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.


https://news.bitcoin.com/korean-insurer-crypto-exchanges-insurance-hacking-damages/

Major exchange giving insurance policy option on Korea how it is possible I am really confused on it mate.

When the time sec is not accepted the proposal of Bitcoin ad altcoins I am not really know to way how they accepted the insurance with hacking related issues.

[JeffBrad12]

A major South Korean insurance company reportedly will start offering cryptocurrency exchanges insurance aimed at compensating for damages caused by hacking, according to local media. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.


https://news.bitcoin.com/korean-insurer-crypto-exchanges-insurance-hacking-damages/

Just curious about how it works because the crypto is encrypted by algo that makes crypto become anonymous and how they can know that the actual owner of that amount? Remember binance has its own decision to cover all of the users that got impact caused by hacked case. Just curious how they can try to cover it because you can't give the proof of your owner.

[European Central Bank]

it is totally clear that these exchanges are incompetent. why would any insurer touch them with a ten foot pole? if they're insured they'll probably become even more reckless.

i guess they'll have to satisfy alot of conditions to obtain insurance like this. i also guess they won't bother sticking to them and get raped doubly, once because of the hack and second when the insurer laughs in their face when they want their laziness and idiocy bailed out.

[BogdanGFTP]

It is very good news for investors and even for cryptocurrency enthusiasts. It will attract more investors to cryptoworld and it could have a positive impact on the market prices, which is good for all of us.

[kayakcrypto9875]

This is really good news and this will increase the confidence of the investors in the market. This will add a new dimension in the market. This will make the market more trustable and the reputation of the market will be increased more.