Cryptocurrency has taken the world by storm, but is it truly insured? Neither the FDIC nor the SIPC currently insures cryptocurrency.
However, there are a few insurance options from cryptocurrency wallets to fraud protection.
This article provides all of the most up-to-date cryptocurrency insurance statistics in 2022.
Table Of Contents
- Cryptocurrency Insurance Key Stats
- Types Of Cryptocurrency Insurance
- Individual Cryptocurrency Insurance Companies
- Cryptocurrency Exchange Insurance
- Cryptocurrency Fraud & Theft
Cryptocurrency Insurance Key Stats
- North America’s largest cryptocurrency exchange Coinbase has up to $255 million (only 2%) of its customer’s cryptocurrency insured with Loyd’s of London. (CoinDesk)
- The total cryptocurrency market has skyrocketed to $1.92 trillion in 2022. (FinancialExpress)
- Currently, only 1.5% of the cryptocurrency market is insured. (CoinDesk)
Types Of Crypto Insurance
There are many types of cryptocurrency protection such as…
- Hack Checker
- Wallet Protection
- Biometric Identity Verification
- Wallet Backup
- Key Loss
Just to name a few. Not all kinds of protection are necessary for every person or business.
Individual Cryptocurrency Insurance Companies
- Great American Insurance Group was the first insurance agency to offer insurance for cryptocurrency in 2014. (BusinessWire)
- More than $10 billion in transactions have been covered by Coin Cover. (CoinCover)
- Etherisc is a very popular cryptocurrency insurer offering up to $1 million in coverage against attacks on crypto wallets. (Etherisc)
Cryptocurrency Exchange Insurance
Many cryptocurrency exchanges offer their own types of insurance as blanket insurance for all users if there is a system-wide attack. Here are some of the biggest ones.
- Coin Base has $255 million in insurance coverage. (CoinDesk)
- BitRex has $300 million in insurance coverage. (Medium)
- BitGo has $100 million in insurance coverage. (Blockworks)
- Gemini has $200 million in insurance coverage. (Decrypt)
Cryptocurrency Fraud & Theft
Recent theft and fraud of many different types of cryptocurrency have increased the urgency of insuring more transactions and wallets.
- $500 million of cryptocurrency was taken from the Japanese cryptocurrency exchange Coincheck. (AnalyticsInsight)
- Crypto scammers took a record $14 billion in 2021. (CNBC)
- Two arrested in attempted laundering of $4.5 billion in stolen crypto. (Justice)
- $2.2 billion was stolen from de-fi platforms in 2021. (ZDNet)
As the cryptocurrency market and demand continue to grow the insurance market will need to massively expand its offerings as well.
While cryptocurrency is still a new industry and largely unregulated, there are some amazing things happening in the insurance industry to keep up with the growth and offer investors and wallet-owners peace of mind.
That’s it for our cryptocurrency insurance statistics.
We hope these statistics were helpful to you.
If you have any questions or comments leave us a comment below!