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Cryptocurrency industry struggles to insure itself against hacks and theft

The total market capitalisation of crypto currencies is currently estimated at approximately $120 billion compared to over $800 billion at its peak in January


Cryptocurrency exchanges and traders in Asia are struggling to insure themselves against the risk of hacks and theft, a factor they claim is deterring large fund managers from investing in a nascent market yet to be embraced by regulators. Getting the buy-in from insurers would mark an important step in crypto industry efforts to show that it has solved the problem of storing digital assets safely following the reputational damage of a series of thefts, and allow it to attract investment from mainstream asset managers. "Most institutionally minded crypto firms want to buy ...

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First Published: Thu, December 20 2018. 14:35 IST