Merkle Science, a predictive web3 risk and intelligence platform, is announcing a partnership with global insurance technology leader PolicyDock, to prevent fraud and protect crypto assets by providing the insurance industry with innovative fraud-prevention tools. The announcement coincides with PolicyDock’s launch of CryptoLock, a subscription offering that helps clients recover crypto assets with a variety of services, including a litigation network that offers affected FTX users access to a class action lawsuit. Anyone affected by hacks and insolvency on an exchange can report lost or frozen funds to receive help with legal costs and other types of support.
Policymakers around the world are unanimous in their opinion that AML, CTF, and KYC regulations play a critical role in crypto crime prevention and consumer protection. Through the partnership, PolicyDock will have access to Merkle Science’s flagship predictive risk management platform, which helps prevent and investigate illicit activities in web3. The partnership will also make these tools more accessible to the greater insurance industry, including PolicyDock’s network of partners, which makes legal and technical services affordable for everyone.
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Merkle Science plays an important role in improving client security in the broader crypto landscape. Its tools combine on- and off-chain intelligence to track asset flow, analyze hacks, conduct investigations, and alert law enforcement so that lost or stolen crypto funds can be recovered. These tools are vital in today’s crypto landscape, where over 5% of new Bitcoin addresses are linked to crime, and hacks and scams have accelerated 60% year-over-year, with over $3 billion stolen in 2022.
Ian Lee, Associate Director of Merkle Science, said: “PolicyDock delivers top-tier insurance innovation while providing the industry with a seamless onramp. We are looking forward to working together to provide analytical tools that will improve client security.”
Roger Ying, CEO of PolicyDock, said: “We have been expanding innovation in the insurtech industry, especially in cyber insurance, and we see strong overlap with hacks and scams in crypto. Now is a crucial time to increase security and transparency throughout the space, creating a safer environment for all.”
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