The largest South Korean insurer will offer services to local bitcoin-exchanges

Verified
2 months ago
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One of the largest conglomerates of South Korea Hanwha Group will offer local crypto-exchanges insurance products that assume compensation for losses due to hacker attacks.

Some trading platforms, such as Upbit, Bithumb, Coinone and Korbit, already have insurance contracts with local companies Heungkuk Fire & Marine Insurance Co. and Hyundai Marine & Fire Insurance Co., which imply partial compensation for losses due to cyber attacks.

Recall that in June the South Korean crypto-exchange Coinrail was cracked, as a result of which more than $37 million was stolen. Almost immediately after that the largest Bitotin Exchange Bithumb was hacked. The aggregate losses from these two break-ins alone amounted to about $70 million.