Popular digital currencies especially the Bitcoins have often been compared to silver and gold due to their similarities as appreciable stores of value in limited total supply. Like the precious gemstones, cryptocurrencies are also exposed to theft because they have distinctive features like those found in gemstones. Attacking cryptocurrency exchange is the latter-day same as trying to steal gold or silver bars. This is an attempt in trying to take something that is likely to increase in value at some point, and it cannot be created by fiat by a central bank.
You might have heard on the attack on Tokyo’s Mt.Gox exchange in 2014. By 2013 Tokyo’s Mt.Gox was processing 70 percent of all BTC transactions worldwide. During this period of time, it was a watershed moment in cryptocurrency heist. Because of this attack hundreds of thousands of BTC were lost which represented 7 percent of all BTC in existence which had a market value of $480 million by the time. Technical issues within the platform made the system vulnerable to an ongoing theft that led to major losses and legal actions across the globe. Despite its wide-reaching consequences, the Mt.Gox did not take sufficient measures to forestall similar incidents that would prevent theft in later years. In early 2018, $500 million in crypto assets was stolen from Coincheck in Japan. According to the Fortune Magazine which estimated that for BTC alone, between 30 and 50 percent of all coins have been lost or stolen since 2008.
Currently, attacks against cryptocurrency exchange are set against the backdrop of the high rising costs that come with data breaches of different kinds. According to the research made by the Ponemon Institute, it found that in 2017, the average price tag was $ 3.62 million. This was attained from information which was consolidated on a few platforms that show that cyber attackers exploit a widening spectrum within attack vectors. Frequent losses and thefts events of cryptocurrencies endanger the utility for the unbanked because uninsured assets which are based on unsecure exchanges provide little more safety than cash kept at home.
CAPVERTO Exchanges’s Cryptocurrency Insurance
Due to these risks, CAPVERTO offers cryptocurrency insurance to its members who are inspired by the Mt.Gox shutdown. This is based on smart contracts like all other features which are found on the platform. You and other users will be able to gain crucial and highly specific financial protections against any major losses that might occur on your cryptocurrencies. This insurance works in connection with other protections to ensure that you experience the safest possible experience as a user. These protection measures include 2FA, KYC, AML and proof-of-address with help to minimize the risk to assets from cybercriminals who might be seeking to gain footholds inside the cryptocurrency exchanges and leverage that access for theft. But keep in mind that the insurance does not cover your losses on trading, rates, copy trading, borrowing, and lending.
CAPVERTO Exchange has taken all measures to ensure that you do not lose your investments by bringing in the insurance feature within the platform. You as a user you will experience safety and enjoy the ability to be refunded in your incur any major losses that might come from theft. This is the major unique feature that comes with CAPVERTO platform, and it is not available on other platforms.
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