Following the recent hack incident that, where some 483 Crypto.com users lost about $34, 393, 460.20, crypto.com has introduced the Worldwide Account Protection Program (WAPP) to pay stolen funds. This means, all crypto.com users will have their assets insured even in the case of hack.

According to the new update from Crypto.com, WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange.

See Also: Crypto.com users lost over $34.3 Million in recent Hack

The purpose of WAPP is to help protect the funds of user in cases where a third party (a hacker) gains unauthorized access to their account and withdraws funds without the user’s permission. For qualified users, WAPP can refund up to $250,000 of stolen or lost funds.

But, as with every refund program, there are terms and conditions associated to using WAPP. To qualify for the WAPP program, users must: 

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

See Also: How to activate 2FA security in Crypto.com

To highlight the importance of security to Crypto.com, Kris Marszalek, Co-founder and CEO of Crypto.com said, “The safety of our customers’ funds is our highest priority, and we are continually enhancing our Defence-in-Depth security and protection measures.” But, in a case where hackers gain access to users account, crypto.com will make a refund using WAPP.

The goal of crypto.com still remains to prevent any security breaches. However, the crypto.com industry leading insurance policy and Worldwide Account Protection Programs offer its customers additional protections in rare instances when there is an incident (such as hack).

See Also: Crypto.com Security Update: Here is how to keep you Account safe

If you have any questions about WAPP and if you’re eligible, visit the crypto.com support page for more details.

Via