BDIC INSURANCE COVERAGE FAQ
Covered under a BDIC insurance policy:
Exchange/platform hacks
- Unauthorized access
- System vulnerabilities
- Smart contract failures
- Theft of customer funds
- Protection against employee/insider theft
Cybersecurity incidents
- Ransomware attacks
- Social engineering fraud
- Phishing attacks
- Employee negligence
Cybersecurity incidents
- Ransomware attacks
- Social engineering fraud
- Phishing attacks
- Employee negligence
Hot wallet coverage
- Funds stored in actively trading/online wallets
- Protection against hacks and unauthorized transfers
- Coverage for operational errors by exchange
Cold storage coverage
- Protection for funds in offline storage
- Physical security breaches
- Hardware wallet failures
NOT Covered under a BDIC insurance policy:
- Market value fluctuations
- Lost passwords/keys due to user error
- Intentional acts of fraud by the insured
- Known vulnerabilities that weren’t addressed
- Unauthorized trading losses
- Government seizures
Cryptocurrency Exchanges approved for BDIC:
- Binance
- Kraken
- OKX
- KuCoin
- ByBit
- Crypto.com
- Huobi global
- Bitstamp
- Bitmex
- WhiteBit
- Mexc global
- Bitget