Insured Fund At Coinbase
It is not the first time that we heard about exchanges being hacked and funds of those customers of exchanges were stolen.
Many exchanges are using Google Authenticator that generates a code before the real account holder can access the account but we heard about how hackers are trying to duplicate such code to hack the accounts recently too.
We were advised by many seasoned traders not to store our cryptocurrencies on exchanges and it is good to get a hard wallet like ledger to keep our funds offline.
I read about the breach of ledger this year too so hard wallet may not be totally secured too.
I have an account at Coinbase for a couple of years and I have only recently noticed that it has an insurance policy for the funds that its customers stored with Coinbase.
More than 98% of its customers’ funds were stored in cold storage while the funds in its online hot storage are insured.
A breach at Coinbase would activate its insurance policy to cover its customer funds lost.
Nevertheless, this insurance policy would not cover individual Coinbase account if there is a compromise.
As a customer, it does give me extra confidence when I know that there is an insurance policy for my funds at Coinbase even though it only protects when it is a breach due to its own security issues.
Find out more about how funds are insured at Coinbase in the post below.
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured.html
good article, the main problem in the security is that users deliver by deception the keys and in this sense the platforms can not do anything about it the second is that the exchange platforms give a representative balance of your currencies so if they violate the security of your portfolio will lose all the funds
Thank you
security is always important and that measures are taken to guarantee the trust of users, in that sense everything that is achieved is positive.
Knowing there is a security to our fund indeed does gain the trust of users.
This is interesting, hackers are regularly looking for ways to steal funds and traders also need to increase their knowledge and get more smart about securing their funds, this coin base policy is also a smart one.
Indeed