A little more than a week ago, Crowd Machine announced that their Crowd Machine Compute Tokens (CMCTs) had been stolen and any transactions involving their tokens were halted.
News has sprung in the last 24 hours that the two culprits involved in the hack have been found and arrested. The names are Joseph Harris and Fletcher Robert Childers.
The amount stolen amounted to $14 Million in Cryptocurrency.
The pair has been accused of using a SIM swapping technique in order to steal people’s cell phone numbers and their identity. There have already been a few cases where this technique has been used, and there has been no means to completely resolve this issue.
It is in situations like these, having a means for Cryptocurrency Insurance should exist. This will allow for a more secure platform for storing your digital currency. This also leads to a crash in the Crypto Market for a value of around 7 to 15%.
We, at Bank of Hodlers, believe insurance will reduce these market crashes and solve for the fear of theft. Insurance ensures the customer will have the security of the cold wallet with the flexibility of a hot wallet.
Link to the full news article is here.