Crypto.com introduces Worldwide Account Protection Programme, protects victims of unauthorised transactions of up to USD$250,000

Just read the security report from Crypto.com in an official press release issued barely 3 days after the recent hacking.

I think this is impressive not just for CDC but for the crypto market in general, in building confidence in cryptocurrency. This is so vital considering how crypto is still held in suspicion by many.

To quote them:

Crypto.com is introducing the Worldwide Account Protection Program (WAPP). WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange.

WAPP is designed to protect user funds in cases where a third party gains unauthorized access to their account and withdraws funds without the user’s permission. WAPP restores funds up to USD$250,000 for qualified users; terms & conditions apply.

Some noteworthy things you must do to qualify for the WAPP:

Enable Multi-Factor Authentication (MFA) on all transaction types where MFA is currently available, Set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction, Not be using jailbroken devices, File a police report and provide a copy of it to Crypto.com; and Complete a questionnaire to support a forensic investigation.

The WAPP will begin rolling out in select markets starting 1 February 2022.

CDC has also :

migrated to a new 2FA infrastructure, with a longer term plan to migrate to true Multi-Factor Authentication (MFA). Introduced an additional layer of security on 18 Jan to add a mandatory 24-hour delay between registration of a new whitelisted withdrawal address, and first withdrawal. Full audit of the entire infrastructure Engaged with third-party security firms to perform additional security checks + threat intelligence And of course, all affected customers have been fully reimbursed.

Here’s the link to the report.