2 Avenues Of Insurance Coverage For Cryptocurrency Theft

Law360 (June 20, 2018, 3:30 PM EDT) -- Altcoin, bitcoin, convertible virtual currency, cryptocurrency, decentralized currency, digital currency, virtual currency — these all are names for digital assets in which encryption techniques are used to form and regulate a digital cash system. As these virtual currencies become more mainstream (even though their values show increased volatility), so does the importance of insuring against losses associated with theft. Thefts can occur because of rogue employees, hackers or social engineering or phishing scams, among other causes.

In 2018, there were at least two high-profile thefts of cryptocurrency. In January, hackers stole over $500,000,000 from Tokyo-based cryptocurrency exchange Coincheck. In this heist,...

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