Today, I saw many friends discussing this topic, and most of their opinions are that it's hard to determine whether the theft is real. However, this situation also exists in the traditional world; the simplest examples are car insurance fraud and personal accident insurance fraud. I actually think this has less to do with whether something is "real" and more to do with "who is regulating it."

In simple terms, whether it's vehicle insurance or personal insurance, experienced individuals know that the first step is not insurance but reporting to the police. Professional law enforcement agencies assess the situation, and only then does the insurance company get involved. So why can't there be law enforcement agencies involved in the cryptocurrency field?

The biggest issue lies in compliance. This compliance does not mean that having a license in a certain area allows for trading; it relates to the compliance of law enforcement authority. For example, if a person from Shanghai drives in Singapore and hits someone, does the car insurance purchased in Shanghai apply to compensate the victim in Singapore?

In reality, most vehicle insurance does not cover global scenarios, so drivers need to ensure they have insurance in the country they are driving in, and that it is indeed an accident as confirmed by local law enforcement, before the insurance company gets involved.

For cryptocurrencies, which almost have no entities or where the entity's country is unclear, this becomes a problem. But that's not the biggest issue; the bigger problem is how to assess the value of the cryptocurrency industry. This is the most significant challenge and the reason it is difficult to advance.

Let me give another example. For instance, on March 1, 2025, Beijing time, the price of #Bitcoin is $100,000. By March 2, the price of BTC rises to $200,000, and by March 3, it drops to $150,000. So, what kind of insurance company can price BTC as a basis for compensation?

Of course, it is not that it cannot be done. Banks have their own insurance, and gold is also insured. The assets of banks are not fixed daily, and the price of gold fluctuates. Therefore, a fixed price can be set for insurance. For example, if a bank is audited and determined to have assets worth $1 billion, then one or more insurance companies can underwrite that bank for $1 billion. The same principle applies to gold, and it is all based on credible auditing firms and relatively small price fluctuations.

This is the biggest and most fundamental issue.

To put it simply, one aspect is the determination of law enforcement agencies, and the other aspect is the determination of auditing agencies. In fact, Coinbase has its own hot wallet insurance, with a coverage amount of about $255 million. Additionally, there is a hidden factor during auditing and law enforcement, which is the compliance of funds, including KYC and AML. How many cryptocurrency companies can currently achieve this step?

This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX

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