NEWSROOM

TURKEY - One of the most critical problems facing the crypto industry is hacking incidents. Cybercriminals stole nearly $4 billion in crypto assets in 2022, despite the bear market, according to data from blockchain analysis company Chainalysis. This figure was recorded as a record. In 2023, nearly $500 million in assets have been lost in hacking events so far.

Security concerns keep investors away from crypto assets

A study conducted in the USA showed that 88 per cent of those who say they know about cryptocurrencies do not invest in these assets due to security concerns. That rate is about 65 per cent among all US adults. This clearly demonstrates the importance of securing crypto assets. It also brings with it the necessity for investors to take individual precautions.

Some individual measures that users can take include storing crypto assets in their own physical wallets, double-checking the sending wallet address when making a crypto transaction, and using two-factor authentication in wallets and exchanges.

Crypto assets are now covered by insurance

On the other hand, platforms have started to take more severe measures to ensure the security of assets. Block Earner sets a good example in this regard. The Australian-based platform, which entered the Turkish market last year, enables users to transact without worrying about the security of their crypto assets, with additional security layers such as biometric verification and Merkle Science integration. More importantly, crypto assets are insured. Although studies and initiatives have been made for many years in this direction, some difficulties have been experienced in implementing them. Block Earner, on the other hand, will keep assets under insurance up to $320 million with the Crypto Vault product, which will be available soon. The company offers this opportunity by collaborating with the world-famous crypto platform Coinbase.

“Assets will be protected with 320 million dollars collateral.”

Emrah Karadere, Block Earner Turkey Operations Manager, who expressed his views on the subject, stated that the trust-shattering events in the sector in the last period have opened the gap between investors and service provider platforms, "I am happy to share our new features and collaborations that we have developed to offer our users a platform where they can trade safely in such a period. We implemented the biometric verification step to strengthen the transaction security, and we can make sure that the real user makes the crypto withdrawal transactions with instant verification. Again, the Merkle Science integration is a very stimulating development for the detection and tracking of suspicious wallet addresses, preventing erroneous and malicious transactions, and suspending suspicious transactions. We are launching a product that excites us about asset security, which is the most important issue in the sector for investors, in the last quarter of the year; Crypto Vault. We will make a reliable crypto asset custody solution using cold wallet technology accessible to all individual users. Moreover, our users' assets will be protected by insurance coverage of 320 million USD, and our insured crypto asset custody solution will be one of the first in the industry."