New Crypto Security Solution Protects Bitcoin, Other Digital Assets From Theft

Christian Encila

3 years ago

2 mins read

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When people evaluate the unpredictability of the cryptocurrency market, they can see why crypto security is so important.

Online crypto wallets and exchanges have been hacked in large numbers in the last 24 months.

“The value of cryptocurrency taken from victims climbed by 82% to $7.8 billion in 2021,” Chainalysis’ most recent Bitcoin Crime Report shows.

Bitcoin, Ethereum, and other cryptocurrencies are increasing in value, and these findings demonstrate that cryptocurrencies operate in a chaotic environment that the traditional financial system ignores or refuses to recognize.

Crypto Shield: For Crypto Security

Because cryptocurrencies lack regulation, they cannot be insured by the Federal Deposit Insurance Corporation (FDIC) like regular bank deposits.

Boost Insurance and its InsurTech partner Breach Insurance have introduced Crypto Shield, a cryptocurrency insurance solution.

According to ZDNet, the service would be used whenever cryptocurrencies are stored through exchanges such as Coinbase or Binance in the United States and other countries.

Total crypto market cap at $1.734 trillion in the daily chart | Source: TradingView.com

Retail wallet owners may use Crypto Shield to protect their bitcoin against theft. People who Crypto Shield insures may be compensated for the value of their coverage if the custodian is hacked or falls victim to a social engineering attack, leading to the loss of assets.

Crypto Shield, which became online on February 15, is primarily concerned with bitcoin theft and crypto security. Shield protects 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Tether, Solana, Dogecoin, and stablecoins.

Bitcoin & Ether Latest Price Movement

This week has started slowly for major cryptocurrencies. As February ends, both Bitcoin and Ethereum show negative patterns.

Bitcoin is now valued at $39,398.04, with highs of $39,537.5 and lows of $35,000 for the month. It has increased in value by roughly 0.60% since February 26 and is now unstable.

While Ethereum is presently trading at $2,800.62 as of this writing, it has only increased 1.55% in the last 24 hours. It has a recurrent low of $2,681.79 and a recurrent high of $2,855.22.

Both cryptos have lower return yields than two months ago, which is due to theft-related issues and the Ukraine-Russian war in the crypto-market. Bullish tendencies are still probable as the year progresses.

Breach And Boost Collaborate On Security

Meanwhile, Boost and Breach collaborated to find and gain reinsurance coverage from Relm Insurance, assuring organizations’ participation in the cryptocurrency ecosystem.

“My team and I are thrilled to join forces with Breach’s concept for the first crypto-insurance for retail wallet holders,” Alex Maffeo, CEO and Founder of Boost, said.

“Our objective is not simply to make insurance more simple and accessible for end-users, but also to aid creative businesses like Breach in developing new insurance products for neglected areas,” Maffeo said.

Featured image from Changelly, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.