The Emerging Problem of Cryptocurrency Hacking
Ever since there has been an explosion of cryptocurrencies in the market, there has been a sharp rise in the number of new cryptocurrencies that are entering the race.
This has also resulted in an alarming increase in the number of cryptocurrency scams and hacks as well. These incidents not only rob people of their cryptocurrencies, but they also reduce confidence among investors about the crypto market.
The prime target for hackers and cyber criminals are investors and cryptocurrency ex-changes. The facts and figures reveal that over 50% of the scams happen in the United States.
When a user or investor gets hacked, they lose their valuable cryptocurrency. In case of an exchange getting hacked, the user has to suffer due to insufficient security measures.
Furthermore, the biggest problems that these exchanges face is due to the remittance policies that are put in place. The current solution to provide compensation to the in-vestors for the damage incurred is inefficient and it takes a significant amount of time. In many cases, there is no fixed date where the user will get repaid for the amount lost.
This growing need to streamline the compensation process lead to the development of Incodium.
Incodium is a smart compensation protection that is built on the Ethereum platform to provide a simple, actionable and transparent solution.
The investors can receive Incodium coins as a compensation for their lost cryptocurrency in their dedicated Incodium Mobile Wallet App. The amount of compensation a user will receive is based on simple rules which makes it easy to calculate the final amount.
The eligible victim will receive Incodium coins in the form of:
1. 30 times the amount of Incodium coins owned
2. Actual damage
3. 10,000 USD
Note that the amount that will be compensated will be the lowest out of these three pa-rameters. Furthermore, the users will be able to spend these Incodium coins in retail out-lets and other activities as well.
