Today GK8, the digital asset wallet provider, announced that it secured an insurance policy from an Arch Underwriting Lloyds syndicate via broker Aon UK. The cold wallet coverage could be up to $500 million (per customer according to GK8).
Earlier this year, the company enticed hackers to break their wallet for a bounty of $250,000, but none were successful. Its wallet solution is already in action with the likes of eToro. The cold wallet or offline wallet allows only one way connectivity from the wallet to the internet, so attackers cannot access the wallet. It also has an MPC (multi party computation) hot wallet.
“The cold wallet, which only transmits data and therefore (is) totally unhackable, protects the vast majority of the transaction, while the MPC wallet protects the rest,” said GK8 in its announcement. “This means a hacker would have to invest much more in breaking into the MPC wallet than they could ever gain from stealing from it. GK8’s solution therefore enables hot-wallet functionalities through its MPC, all while leveraging the security standard of the fully hack-proof cold wallet.”
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