ICO to Offer Crypto Wallet Insurance as Crypto Thefts Top $1 Billion

ICO to Offer Crypto Wallet Insurance as Crypto Thefts Top $1 Billion

According to a recent report by cybersecurity specialists, Carbon Black, an eye-watering $1.1 billion worth of cryptocurrency has been stolen already this year.

In recent months, the likes of Verge and ZenCash have been the subject of costly hacks but cryptocurrencies themselves are not the only victims.

While Carbon Black suggest that over a quarter of the total was illegally taken directly from exchanges, it still leaves significant losses for individuals and businesses who fell foul to the criminals.

What is perhaps most worrying about the situation is the ease with which the rightful owner is separated from their assets.

Sophisticated malware, which even occasionally comes with ‘customer service’, reportedly costs an average of $224 and can be snapped up for as little as just over dollar on the dark web.

As pointed out by Carbon Black Security strategist Rick McElroy, “It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware.”

Baanx Compile Fundamental Safety Guide

Baanx.com, who are currently in the ICO process, are looking to be the world’s first decentralised Blockchain Cryptobank with an Open Access, Open Source and Open Ownership platform  that involves  sharing bank licenses between Cryptobanks on the platform.

Although hosting banking services and platforms for product providers plays a significant part in Baanx’s business model, the individual end user is also a primary concern.

Operating in this environment means they are acutely aware of the need to safeguard digital assets and have published a helpful guide to those who are new to the space or those requiring a refresher on how to keep their funds safe.

The company, with a view of their own to deliver a simple way of managing digital assets safely by bridging the gap between traditional markets and the crypto world, suggests four simple steps to protect against unwanted loss.

Their full article can be read here, but in brief, half of the topics covered relate to the care of private keys and the other elements concern VPN use and the necessity for wallet separation.

As a secure wallet that deals with both fiat and crypto feature within their portfolio of options, the company understand the need for investor peace of mind. Their own branded wallet includes insurance that covers loss or theft by another party up to the value of $10,000 – a world’s first for the cryptocurrency market.

With 25 years global tech experience that includes new project launches for MasterCard, Visa and Bank of America, mobile App security expert and Baanx COO Sean Salloux is confident they have the tools necessary to help reduce users exposure to crypto crime.

Talking about the industry as a whole, in a recent interview he said “We know where the pain is and we’re addressing that.”

Regulation and relevant responsibility are evolving at a increasing pace within the cryptocurrency realm but there is still a sizeable leap for new users coming from legacy banking where the account holders are shielded from the majority of outside threats.

Companies such as Baanx, who are endeavouring to bridge that considerable gap, should help to make the transition easier for the herd who are still waiting for the right scenario before committing their funds to this new financial paradigm.