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With reference to the Crypto insurance, consider the following statements:
1. Crypto insurance is a policy designed to protect investors against any losses associated with crypto scams and cyber-attacks.
2. Cryptocurrency is a legal tender.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
With reference to the Crypto insurance, consider the following stateme...
Cryptocurrency investors are increasingly looking at ways to protect their assets from being stolen. One particular way to get your money back even if an unfortunate incident takes place is through crypto insurance.
- Crypto insurance is a policy designed to protect investors against any losses associated with crypto scams and cyber-attacks. Most exchanges like Coinbase, Binance, etc., already have some insurance to protect the digital assets they hold for their customers.
- Cryptocurrency isn’t a legal tender. So, crypto insurance is different from that you can avail for your stocks, bonds or any other bank insurance. In short, it is not protected the same way other deposits might be.
- In August 2021, hackers pulled off one of the biggest ever cryptocurrency heists stealing $613 million in digital coins from token-swapping platform Poly Network. This rising trend has given birth to crypto insurance.
- Notably, crypto insurances can only cover hacks or crypto thefts. It is designed to cover institutional losses. But it can’t insure you if you fall trapped in a Ponzi scheme which promises high returns with no risks.
- The crypto insurance policy doesn’t cover direct hardware loss and damage and cryptocurrency transfer to a third party. Additionally, it won’t be able to protect against the disruption of the blockchain underlying the asset.
Hence only statement 1 is correct.
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With reference to the Crypto insurance, consider the following statements:1. Crypto insurance is a policy designed to protect investors against any losses associated with crypto scams and cyber-attacks.2. Cryptocurrency is a legal tender.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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