Lloyd’s of London, the insurance firm, is supporting a new policy that protects digital currency held in digital wallets from hackers, Coindesk reported on Monday (March 2).
The policy is reportedly a new insurance type that has a limit that changes with the price fluctuations of covered digital currency assets. Lloyd’s insurance syndicate Atrium underwrites the policy and is provided by digital currency “lifestyle” service provider Coincover. Lloyd’s Head of Innovation Trevor Maynard said per the report that the British insurance company is the “natural home for insurance innovation because of the unique ability of syndicates to collaborate to insure new things.”
And the Office of Foreign Asset Control of the U.S. Treasury has brought on an additional 20 new bitcoin addresses affiliated with two people to its sanctioned individuals roster, Coindesk reported. Two individuals were accused of being connected to the Lazarus Group cybercrime organization per an update of the “Specially Designated Nationals” (SDN) list from OFAC. The group has been blamed for stealing over $500 million in digital currency as long ago as 2018. The two are charged with running an unlicensed money transmission business and conspiracy to launder monetary instruments. And another unsealed document indicates that the U.S. government is aiming to seize digital currency kept in 113 addresses.
On another note, Coinbase, which is based in California, has become a Japan Virtual Currency Exchange Association (JVCEA) second-class member, Coindesk reported. The company reportedly applied for an operating license in the country in the past. JVCEA said Tokyo Hash and Digital Asset Markets Inc. had joined the organization as second-class members along with Coinbase.
Coinbase had reportedly eyed a Japanese exchange as long ago as 2016, following an investment of $10.5 million from a group that included Mitsubishi UFJ Capital as well as Bank of Tokyo Mitsubishi UFJ. The JVCEA, according to the outlet, was started to bring confidence back to the sector following a litany of exchange hacks.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More