Original posted on: https://insurance-edge.net/2024/12/09/m2-adds-legal-expenses-to-its-crypto-insurance/
M2 Recovery has enhanced its groundbreaking crypto insurance policy by launching its after-the-event legal expenses insurance. The innovative policy is designed and placed with Lloyd’s of London insurers in collaboration with boutique specialist insurance and reinsurance broker McGill and Partners.
The new expansion allows M2 Recovery to support individuals who have already experienced crypto theft, providing expert assistance in recovering stolen assets.
The need to include reactive solutions comes at a crucial time for the industry, as it battles an escalating wave of crypto scams and fraud. This new offering reinforces M2 Recovery’s commitment to safeguarding crypto investors and addressing the growing need for comprehensive support in an increasingly vulnerable landscape.
Recent research from the Financial Services Compensation Scheme (FSCS) reveals a surge in first-time crypto investors, drawn to the market by the prospect of quick returns. However, data from TRM Labs2 highlights a troubling trend: the value of stolen crypto worldwide more than doubled in the first half of 2024. With so many newcomers entering the crypto space, we can unfortunately expect more people to fall victim to scams in the future.
This troubling trend highlights both the increasing sophistication of cybercriminals and the pressing need for comprehensive protective and responsive measures within the digital asset space. M2 Recovery’s newly expanded insurance policy offering is specifically designed to address this critical need, delivering a vital solution for the market. While investigating and recovering lost crypto assets can cost upwards of £250,000.
Neil Holloway, Founder and Managing Director of M2 Recovery commented on the launch and product expansion:
“Here at M2 Recovery, the safety and security of your crypto remains our top priority. I have worked in the insurance industry for over 45 years, and I have never seen an insurance product as unique and as innovative as our services.
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. This is a game-changer for the industry, and we are proud to be leading the way in crypto legal insurance.”
Louise Abbott, Director of Legal Services at M2 Recovery, added:
“As a specialist crypto lawyer with over 10 years of experience in the sector, I have witnessed first-hand the increasing number and sophistication of scams and frauds within the crypto space. I work on these cases every day and witness the emotional damage they can do. It’s clear from the increasing number of crypto-fraud and related cases that come across my desk, that the demand for secure, after -the-event legal expenses insurance has never been greater.
The surge in crypto fraud highlights the critical need for trusted recovery solutions, and I am delighted that we are now able to offer this vital service.
As the industry grows, so does our commitment to protecting our clients in every stage.”