crypto insurance. What is it? Who needs it? How do you get it for insurance in general? Provides a guarantee of compensation for any loss, damage illness or Jess in return for for payment of a specified crypto insurance is no different. It allows for Blockchain and crypto based businesses to acquire coverage for possible losses they can face Recently. Year. Decentralised financed platform Warm Hold got hag for $325 million being stock. Cryptocurrency Project was robbed in April, where the hacker sent themselves 1 $82 million harmonies. Horizon Bridge was hacked for $100 million in June. While I'm trying to say is it's quite common to which attacks and theft in a world as techie as crypto. So what? All does a crypto insurance cover? Number one Hacking, which eventually leads to ceiling. So number two. According to data on Blockchain on analytics firm a chain analysis more than $14 billion in 50 was stolen in 2021 number three is private. Some insurance providers offer end to end encryption and secure storage of private. He's suing Casey. Forget it will be able to recover digital assets What it doesn't cover because there are few losses at triple insurance might cover losses resulting from unauthorised access to your personal account. If you end up sharing sensitive information with a scammer than that, money is absolutely gone. What are the types of insurance left? Major types of triple insurance are available in the market. First, disgusted insurance helps when you lose access to your craft, Okies of and business holding of your assets goes out of business. Then there's defy insurance at decentralised finance for crypto insurance. This ensures smart contract failure, the base of defy. And then there's crime insurance as well, which is self explanatory and also give you some popular players name, which are there in the market. One is Nexus Mutual. It's an Assyrian based platform that creates insurance products with community driven management and financials. One can secured risk and potential bugs in smart contract code. And then there's Lloyd, which is very popular in the insurance market. And in the month of February, they launched a new insurance policy to protect crypto currency held in online wallets against step or other malicious hacks will be opening this for discussion. With our gas, we have free Jin Bhardwaj here, entrepreneur and that Sharat Chandra v. P. V. Search and Strategy Earth idea Very warm. Welcome to both. Sharad will begin with you. Who needs it the most. Everyone who is holding digital assets need to insurance because it's mandatory that will ensure assets. Navy Ensure a bank Deposits of bank deposits are insured by Deposit Guarantee Insurance Corporation. It imposes a limit of five locks up to five minutes of it deposits are insured, so in a similar wait to deposits or kept of assets should also be insured. And I think some of the exchanges are taking a step forward in providing custody insurance. Right Example. Big go in. One of the custody provide is providing insurance running. It also safeguards users, especially first time users for not who are not so very worst with how they can hold their assets. Hold the keys to the assets rights of first time user should definitely go for country insurance so that they can safeguard themselves from even attacks. Right, so it is a smart contract, but that can also be taken care of. She Jin. How does one really go for insurance? You know, General insurance as well as that is concerned. You, you're a go to an agent or you have so many popular players in the market, you just go there and get it. How does one get crypto insurance? And how does one decide which player to go for? So when it comes to go up to insurance, it depends on the user itself. One use cases the user has. So, for example, if I am very 7 25 I would want to go for an insurance cover, which can get me all the risk mitigated 25. So, for example, smart contract vulnerabilities or any stable coin depicting which we saw with USC. And when it comes about choosing which insurance platform should be used, there are multiple platforms. So, for example, insurance is there. It's one of the biggest defy related platforms than there is are more and other players as well. It depends on your requirements. For example, a lot of these platforms have a minimum covers, so, for example, you need to buy insurance poor crypto currencies worth $1000 at least for $1500 at least, which can be a little too much for a lot of retail investors. In that case, you are left with limited options, and for some people it can be about the duration. Some of these platforms don't have an active plan for all the decorations at the same time. So it's about picking what fits your requirement and then choosing from it Sharad the other any security or systematic wrists involved in triple insurance. I call it the risk, but something maybe a product innovation is required where maybe the underlying valley of the capital asset itself changes right of shoots up and then burying lose that are central. How much of some assured can be given back to the holder that can. The insurance has to be dynamic. If if there are since I'm holding in, the price goes up so and if I lose the asset, then right? So how will the losses recover? Recover. The user will be indemnified, right? So that that that is 11 major area will say, Okay, she's in. You know, we also spoke about what all it doesn't cover, So let's say someone is scammed. Can use think of any other situation with Triple A insurance won't really be able to help the investor while his of course scam. And second, you know, when you you end up giving your crucial and sensitive information to someone, then, of course, that is not covered. Yeah, exactly. And a lot of times what a lot of people make the mistake is that the same way steak, which we make a real world, that we don't read the insurance of carefully, and we don't understand what it covers at our. So when it came about the recent US CD picking a lot of people, they had not taken the insurance for it, but they were assuming that it would be covered under smart contract vulnerability. Versus If you see a lot of insurance providers, they have a separate column for US treaty paying. So initially, every insurance platform had just one or two contracts. For example, you could take, say, against March contract vulnerabilities. Then you could take against the protocols, and then they started expanding, and as they started expanding, their also expanded the services with their literature. And if one users assumes that this cover would provide me a cover for this X y Z service as well, and it does not In that case, a lot of people are in for a surprise as we saw the last couple of weeks. So I would highly recommend everyone to read the entire literature of what is covered and where does not covered and do not you reminding me of that guy who goes like, read information, prosecute, flee, you know very quickly here his his world What TV here as a disclaimer at the end of every insurance. Sad. But what you're saying is that listen to that guy. Absolutely. Okay, point Shasha, go ahead for, um sing is the baby our share passports? It's not quite novel in the back to work to share Passports are among friends and families And if he lose access to your funds because you're sharing your seen phrase with their friends and family, right? So I think that will also come under unauthorised access. So I think people have to mindful about keep India ASEAN phase a secret and sherry men and family members sure that there shall be talking when individuals now. But let's let's move this conversation further and talk about you know, cos also going for insurance. You've seen several protocols failing or falling prey to all the attacks that are quite common. Or, you know, these scams or these hacks of that that attack protocols as a whole. So do think companies should also look at getting an insurance covers. Audio excision. You. Would you like to take the answer and then will come back to Sharad shot? Definitely. See when you are acting has a custodian for people's points. You should definitely be taking cover because you cannot take the rest of managing of the people's money without buying insurance. It's extremely risky and extremely stupid to not buy cover when you are handling other people's money, Baker's. In that case, we are not even life will for your own money, but for other invest Swiss money. And a lot of these companies have done this, and we have seen it time and again that these companies who pay the little 5% extra you for all the money that they're handing in chase thanks force out. They are able to report money of their investors, and then the investors end up trusting these companies more. One more query. You know Sachin, a country crypto, is an unregulated sector How do we expect an insurance company or a platform to protect? Right. So in this case, this is the beauty of that. It's entirely borderless, and it's entirely permission this. So for insurance provider, it does not matter which part of the world we are from, which could be in India. They could be in us and we would still be eligible for the insurance. If we have bought the right cover, we would be paid in our quick reaction from Sharat on this other. Any cheques that one should really do before finalising an insured company Because this is our unregulated sector and you have to be very careful while you go further insurance cover. In fact, we should look at insurance providers who are global in nature. Of example, the custody services provided by bid go. I think they have. They have joined hands with Lloyds Group or even excess mutual, for that matter, right so insurance entities who are global in nature can can easily offer insurance protection to capture a user's social look at interest, which are global in nature. Thank you so very much. That was a great trip to catch up over coffee and
