Cryptocurrency holders are often concerned with security breaches and hacking attacks. While there are many ways to protect against hacks, such as keeping one's keys offline and storing cryptocurrencies in hardware wallets, insurance policies are another way to ensure that losses do not occur. In addition to protecting against theft, insurance policies can help cover legal costs and pay out claims. For example, if a hacker steals someone's coins, the victim could file a claim under his/her insurance policy and receive compensation. However, the process of filing a claim can be difficult and confusing. According to Chainalysis, more than $14 BILLION USD was stolen in just one year. The majority of those thefts occurred on decentralized finance (DeFi) platforms. These platforms provide financial tools for individuals and institutions to invest in blockchain networks without needing access to traditional banking systems. While it is possible to use cold storage to store cryptocurrencies, most people choose to keep their digital assets online. Online wallets allow users to make transactions and send payments, but they expose their holdings to potential risks. If a hacker breaks into a user's account, he/she could steal the user's funds. The loss of funds due to hacking is not limited to individual wallets. Institutional investors hold large amounts of cryptoassets on exchanges. Hackers could break into exchanges and slip away with millions of dollars worth of digital currency.