15+ Shocking Cryptocurrency Insurance Statistics For 2023 & Beyond

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 2023.

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.

Summary

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!

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