Large Korean Insurer Offers Crypto Exchanges Coverage For Hacking Losses

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Yuri Molchan
Hanwha Insurance company is about to launch a new service - insurance for compensating local crypto exchanges after they suffer possible hacker attacks
Large Korean Insurer Offers Crypto Exchanges Coverage For Hacking Losses
Cover image via U.Today

Hanwha Insurance company is about to launch a new service– insurance for compensating local crypto exchanges after they suffer hacker attacks.

Previously, as local editions notice, trading platforms were protected financially only against the stealing of personal customer data.

The Korean Blockchain Association has been in long negotiations with local insurance companies since spring. Only Bithumb, Upbit and two other big companies have been insured so far but the compensation amounts are not high enough.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.