Can your cryptocurrency assets get stolen? - read in the blog of the company COREDO

Can your cryptocurrency assets get stolen?

Updated: 25.10.2020

A short answer to that question would be “yes”, yet we all need to hear a long one. A study has been conducted recently stating that during the first quarter of 2019 a total amount of nearly $1.2 billion was lost from the theft, fraud, and misappropriation of cryptocurrencies. The number had doubled compared to the previous term. For that matter, everybody is wondering,

  • “What can cryptocurrency holders and investors do to protect their possessions against cryptocurrency industry scams?”
  • “Are there any potential hidden risks related to opening a cryptocurrency exchange in the US or EU?”
  • “What are the conditions for obtaining a cryptocurrency exchange license?”
  • “What legal consequences should investors expect after investing in Europe?”.

In addition to this, a loss of $41 million was reported by one of the biggest cryptocurrency exchanges in the world. The loss was a result of viruses, phishing, and other techniques of stealing cryptocurrency. Before this report was published, Fidelity Investment announced its intentions to participate in trading bitcoins in the US and EU in the near future.

Although courts over the world are still to decide whether they need to be considering cryptocurrency crimes the commercial ones, insurance providers were quicker in their actions. They developed specific insurance policies that can cover cryptocurrency theft.

All in all, is there an ultimate method for protecting e-savings? Does a legislation ruling the crypto-exchanges in America, Europe, Asia, or Arica even exist? Actually, to find an answer, authorities from different countries have to come together and concert their efforts. Their task would be to ensure that participants of cryptocurrency markets such as senior managers and personnel of companies, digital currency investors in the EU and US are guarded appropriately against all types of cybercrime activities.

Specialists from COREDO pay close attention to every single change and development coming into crypto industry. Our experts are prepared to share their knowledge with you, which will definitely be useful if you are about to register your own cryptocurrency business. We will be happy to help you get a license for cryptocurrency exchange and advise you on the regulation of this sphere.


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