The US Consumer Financial Protection Bureau (CFPB) is reportedly proposing a refund requirement for digital assets following a slew of crypto hacks.
According to a new report from The Financial Times, the CFPB – which aims to protect consumers from unfair financial practices by institutions – is proposing a new rule that would require crypto companies to refund money stolen from customers through exploits or hacks.
The report says that by proposing this new rule, the CFPB is providing the same protections that traditional bank accounts provide to the crypto wallets of crypto users.
If accepted, the rule would change the definition of “funds” to include all assets used to make payments, and would force crypto wallet providers to compensate users if their funds are stolen.
Previously, data from market intelligence platform Chainalysis showed that crypto platforms lost as much as $2.2 billion due to hacks in 2024, a 20% increase from the previous year. Chainalysis also found that exploits decreased significantly in the second half of 2024.
However, the company also found that North Korean hackers stole more digital assets in 2024 than ever before. According to the data, North Korean hackers stole $1.34 billion worth of crypto assets in 2024, while in 2023 they stole $660 million.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
