Cryptocurrency Investment O Nooooooo, Hackers are hatching malicious plans, conspiracies to acquire your hard-earned digital currency. Don’t worry we at Bank of Hodlers are equipped with the most advanced anti-theft insurance system.
Cryptocurrency Theft
Nearly 438 bitcoins worth over $2.7M were stolen from a leading exchange firm in India in what is being called as the biggest cryptocurrency theft in the country so far.
The exchange, which has over two lakh users across the country, found that all the bitcoins that were stored offline had vanished. It was later discovered that the ‘private keys’ — the password that is kept by the company and is stored offline — were leaked online, leading to the hack.
The company tried to trace the hackers but found that all the data logs of the affected wallets had been erased, leaving no trails of where the bitcoins were transferred. The website of the company has since then remained shut. (Source EconomicTimes)
Police in China have arrested three men suspected of stealing approximately 600 million yuan (over $87 million) worth of cryptocurrency through hacking. The presumed criminals targeted personal and corporate computers, local media reported. (Source Bitcoin.com)
We at the Bank of Hodlers are here to overcome these challenges and safeguard your digital currency with the help of an authentic and advanced hack proof blockchain technology.
Bank of Hodlers offers an insurance instrument against theft of coins. There would be an annual insurance premium that would cover cryptocurrency holders against theft of coins from their respective exchange.
We treat your cryptocurrencies as a separate asset class and offer services to ensure the technology stays relevant. This will remove the need for network effects and government authorization. Our services go beyond the security and efficiency of a traditional bank account:
- The ability to keep their money in a safe place — a store of value.
- An easy way to spend their money conveniently through a credit card — backed by their crypto assets. A clean and efficient overdraft system.
- The ability for users to earn interest or borrow, without liquidating their crypto holdings.
- Offer an insurance instrument in case of a hack in their exchange.
- This gives every holder the ability to completely bank on blockchain today.
Our Insurance Mechanism
Yes we assure you
Once we verify the total amount of coins in the Bank of Hodlers wallet, the user will start paying monthly/yearly insurance fee for their coins.
We will audit the security of the exchanges on a regular basis (we can facilitate the insurance of the coins stored in an exchange that gives us the REST API access) to place them in risk brackets which would, in turn, determine their insurance fee.
Once the insurance is purchased, we would ask the user to share an alternate (and safe) wallet address for us to deposit the claimed cryptocurrencies in case of theft.
Get Insured Against Crypto Theft
We offer protection against cryptocurrency theft, willing to overcome the daunting challenge.
Insight into our insurance system:
- Get the flexibility of a hot wallet with the security of a cold one.
- Get your cryptocurrency back within 24 hours in case of theft.
- Keep your coins in your exchange for easy buying and selling.
To continue reading on how to secure your cryptocurrency and on cryptocurrency wallets, check out our blog post here.
About Bank of Hodlers
We are a FinTech company based on the Blockchain space to provide services such as Cryptocurrency Theft Insurance, Crypto Credit cards and Crypto-backed Loans.
Link to original blog here.
This article was written by our Guest Writer, Mohammed Abdul Muqeeth.
