I am interested in registering. But, before I do, let me present you with 3 scenarios (Keep in mind I live in the United States):
1.) Someone hacks the site and steals my BTC or USD
2.) Someone responsible for operating your site messes up and CryptoXChange loses all of my BTC or USD
3.) Someone steals my CryptoXChange account information from a source outside of you site and uses it to hack my login and steal my BTC or USD
How does CryptoXChange respond to me, the account holder, in each of these 3 scenarios?
Hello Joint,
Good questions.
Answer for 1 & 2: We would attempt to reimburse stolen money using a combination of Crypto X Change's own assets and the indemnity and liability insurance we hold with our insurance company (and I believe Crypto X Change is the only exchange with such insurance). As with any business, in the case of a massive loss or devastating attack, if insurance and company assets could not reimburse customers fully, the business would go bankrupt and customers would likely suffer partial losses. This is the reality of any market entity not backed up by something like the FDIC which provides ultimate protection via taxpayer subsidy.
Answer for 3: In this case, if your own account info was leaked via your own negligence, then we would be unlikely to compensate you for that loss. We recommend a Yubikey to prevent this.
Hope that helps address your questions, thanks Joint.
-Crypto X Change