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Cryptocurrencies are catnip to criminals. A crook only has to hack into the private key details and they can digitally transfer any available cryptocurrency to their own anonymous account...
The global cryptocurrency market is projected to reach $4.94 billion by 2030, with interest from professional investors as well as in popular culture too thanks to Elon Musk.
As more money flows into the crypto asset market, losses from hacks are on the rise. A thief only has to hack into the private key details to digitally transfer any available cryptocurrency to their own anonymous account.
Cryptocurrency companies have found ways to protect their digital assets from theft and the London insurance market has worked with them to insure losses that do slip through the net. In 2020, the first insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks was launched in London.