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BitGo (Ripple partner) Apparently Exaggerated Insurance Coverage


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Crypto Custodian BitGo Exaggerated Insurance Coverage, Underwriter Claims

https://www.coindesk.com/crypto-custodian-bitgo-exaggerated-insurance-coverage-underwriter-claims

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One of the underwriters behind BitGo’s $100 million cryptocurrency insurance policy has accused the custodian of exaggerating the scope of its coverage by using “ambiguous language” in public statements.

The controversy boils down to three words. In its February 20 press release, BitGo listed “third-party hacks” among the risks covered by a group of 10 Lloyd’s of London underwriters.

That was misleading, according to one of the group’s 10 members, since it implies the policy covered hacks of “hot,” or online wallets. In fact, the policy strictly covers theft or loss of assets kept in “cold storage,” meaning the cryptographic keys are kept offline.

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Context:

BitGo Builds Enterprise Wallet for XRP

https://ripple.com/insights/bitgo-builds-enterprise-wallet-xrp/

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