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Canadians Face Frustration as Insurance Companies Fail to Provide Relief for Stolen Crypto

TORONTO - A growing number of Canadians are facing a frustrating reality after falling victim to cryptocurrency theft, only to be told by their insurance companies that there is no coverage available.

The Problem

Cryptocurrency theft has become a growing concern in Canada, with many individuals and businesses using digital wallets to store and transfer their crypto assets. However, the lack of insurance coverage for stolen cryptocurrency means that victims are often left to foot the bill themselves.

Industry Expert’s Take

“Unfortunately, many people don’t realize that their standard insurance policies do not cover cryptocurrency losses,” said Jason Heath, a Certified Financial Planner (CFP) based in Toronto. “It’s essential for individuals to take steps to protect themselves against this type of risk.”

Heath recommends that Canadians consider purchasing specialized insurance policies that specifically cover cryptocurrency theft and loss. He also advises individuals to take advantage of security measures such as:

Two-factor authentication
Cold storage solutions

to prevent unauthorized access to their digital wallets.

Victims’ Stories

“It’s a stressful and overwhelming experience, but I’m determined to get my money back,” said one Canadian who wished to remain anonymous after falling victim to cryptocurrency theft. Another victim echoed the sentiment: “I was shocked and dismayed when my insurer told me that I wasn’t covered. It feels like no one is willing to help.”

What Can Be Done

Industry experts say that there is a need for greater education and awareness about the risks associated with cryptocurrency theft, as well as the importance of having adequate insurance coverage in place.

10 Common Crypto Scams and How to Avoid Them
What to Do if You Lose Your Wallet
Years Later, I’m Still Dealing with the Aftermath of Identify Theft

Ask a Planner: Can You Use the Home Buyers’ Plan to Buy a Foreign Property?

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In our next article, we explore whether you can use the RRSP home-buying program to purchase foreign property and the tax implications that come with it.