Rebuilding web3 confidence
- Consumer and investor confidence in cryptocurrency have been impacted in 2022, following a year of unexpected scandals and a collapse in crypto prices. Amid alarming statistics — over 5% of new Bitcoin addresses are linked to crime, and hacks and scams have accelerated 60% year-over-year, with over US$3 billion stolen in 2022 — regulation and protection are critical to rebuild trust in web3.
- 500-backed predictive web3 risk and intelligence platform Merkle Science recognizes the importance of this too. That’s why the company partnered with insurtech company PolicyDock to prevent fraud and protect crypto assets by providing the insurance industry with innovative fraud-prevention tools.
- Through this partnership, Merkle Science’s flagship predictive risk management platform, which helps prevent and investigate illicit activities in web3, will be made more accessible across the insurance industry.
- Merkle Science is working towards improving security in the crypto landscape. The company’s tools can track asset flow, analyze hacks, conduct investigations, and alert law enforcement to allow lost or stolen crypto funds to be recovered.
- Associate Director Ian Lee said, “PolicyDock delivers top-tier insurance innovation while providing the industry with a seamless onramp. We are looking forward to working together to provide analytical tools that will improve client security.”
- Read the full article here.