M2 Recovery Expands Crypto Insurance Policy to Combat Rising Scams

December 10, 2024 11:00 AM AEDT | By Team Kalkine Media

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M2 Recovery Expands Crypto Insurance Policy to Combat Rising Scams — Image source: shutterstock

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Highlights

M2 Recovery introduces after-the-event (ATE) legal expenses insurance for crypto scams (M2R).

The new policy offers financial support and legal expertise to those affected by crypto theft.

A surge in crypto scams is driving the demand for secure recovery solutions.

In response to the growing wave of crypto scams, M2 Recovery (LON:M2R) has expanded its insurance offerings with a new after-the-event (ATE) legal expenses insurance policy. This innovative product, developed in collaboration with Lloyd’s of London insurers and broker McGill and Partners, is aimed at providing vital support for individuals who have already fallen victim to crypto fraud. The policy seeks to assist with the costly process of recovering stolen digital assets.

The timing of M2 Recovery’s expansion comes amid a notable rise in cryptocurrency-related scams. According to recent data from TRM Labs, the value of stolen crypto assets has more than doubled in the first half of 2024. This increase coincides with the surge in new crypto investors attracted by the promise of substantial returns. However, this influx has also led to a growing number of victims of fraud within the digital asset space.

M2 Recovery’s new ATE insurance is tailored to help victims of crypto scams cover the legal and investigative costs involved in reclaiming stolen funds. The company has highlighted that the process of recovering digital assets can be expensive, with some cases exceeding £250,000 in costs. The introduction of this policy aims to provide financial relief and legal guidance for those affected, ensuring they have the resources needed to pursue recovery.

Neil Holloway, founder and managing director of M2 Recovery, emphasized the importance of securing crypto assets. "The safety and security of your crypto remains our top priority," Holloway remarked. "We were the first company in the world to offer legal expenses insurance for crypto, and we are now the first to offer this protection to investors who have sadly lost their assets."

Louise Abbott, director of legal services at M2 Recovery and a specialist in crypto law, expressed her concern about the increasing prevalence of crypto fraud. "I have witnessed first-hand the increasing number and sophistication of scams and frauds within the crypto space. It’s clear from the growing number of crypto-fraud cases that the need for secure recovery solutions is greater than ever. I’m delighted that we can now offer this crucial service."

This expansion of M2 Recovery’s services underscores the critical need for trustworthy recovery options in a landscape where crypto scams are on the rise. With the introduction of ATE insurance, M2 Recovery is positioning itself as a key player in addressing the legal and financial challenges faced by victims of crypto fraud.

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