Crypto.com price slips despite offer to protect Australian users against hacks
- Crypto.com offers Australian users the application and exchange protection from unauthorized transactions.
- The exchange offers users goodwill protection with an upper limit of $250,000.
- Users are protected from hacks, phishing attacks and unauthorized withdrawals on the Crypto.com app and exchange.
- Crypto.com’s native token suffered a price drop despite the recent announcement.
Crypto.com has offered Australian users its exchange and application, protection from hacks, phishing scams and unauthorized transactions. Proponents believe that the announcement is one of the key factors that could fuel a bullish narrative for Crypto.com’s native token.
Crypto.com offers users protection from withdrawals up to $250,000
Crypto.com revealed its Account Protection Programme (APP) for Australian users. The new policy update is for users of the Crypto.com App and exchange.
If users lose funds in a hack, phishing attack or unauthorized withdrawals, Crypto.com would reimburse to the tune of up to $250,000. The policy document details the terms and conditions of the programme.
Benefits of APP apply to users who have satisfied necessary KYC requirements and varies across markets. Crypto.com would determine whether an authorized transaction qualifies for reimbursement before offering goodwill protection.
In the event of an unauthorized withdrawal of cryptocurrencies and fiat currencies from a KYC verified Australian user’s Crypto.com wallet, the user could qualify for reimbursement.
Proponents expect the announcement of the Account Protection Programme could fuel optimism among investors. Still, CRO price has dropped by nearly 5% over the past 24 hours.
Technical analysts have evaluated Crypto.com price and forecast a sharp recovery. For instance, @DaCryptoGeneral believes that CRO price could hit $0.49 before its next bullish impulse.
$CRO (4H); price trend is back bullish.
— CRYPTO GENERAL (@DaCryptoGeneral) February 2, 2022
Expecting the price to target $0.38 demand zone before the next impulse move, #CRO will look to target $0.49#Bullish @cryptocom pic.twitter.com/letb6WxEj5
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
