Last updated: Jan 17, 2022
Cryptocurrency Accounts and Balances
By using both secure internet servers and offline ("cold") storage, BitBlockAi safeguards customer digital money. When it comes to client digital money, BitBlockAi keeps at least 98 percent of it in cold storage, with the remainder stored on secure internet servers as required to suit our clients' liquidity needs.
It is insured against corporate criminal liability in an amount equivalent to the value of digital money that is saved in online storage by BitBlockAi, Inc. Several third-party insurers, as well as BitBlockAi, which acts as a co-insurer under the policy, contribute to the underwriting of our insurance protection.
The coverage provides protection against digital currency theft as a result of a security breach or hack, employee theft, or an unlawful transfer of funds.
Our insurance does not cover any losses or damages that may arise as a result of unauthorized access to your BitBlockAi or BitBlockAi Pro wallet or account (s). If you use BitBlockAi or BitBlockAi Pro, it is your responsibility to create a safe password and to maintain track of any login data. Digitized money is not regarded legal tender and, as a result, does not get backing from the government. Among the digital currencies that aren't guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or the Securities Investor Protection Corporation ("SIPC") are bitcoin, litecoin, and ethereum ("SIPC").
Inflow and outflow of money
The amount of your BitBlockAi or BitBlockAi Pro wallet, which includes cash balances in US Dollars, British Pounds, and Euros, as well as client purchases made via BitBlockAi, is kept track of (s). If you are a client in the United States, BitBlockAi combines your funds with those of other customers and keeps them in custodial accounts at US banks or invests them in liquid US Treasury securities in accordance with the appropriate state money transmitter regulations. Client funds held in cash in designated custodial accounts for customers located outside of the United States. BitBlockAi will not use any of the custodial pooled money for operating expenses or for any other business-related purposes..
Cash retained by clients in the United States is held in pooled custodial accounts at one or more FDIC-insured financial institutions, to the degree possible. In order to offer pass-through FDIC insurance, our custodial accounts are constructed in such a manner that they give coverage up to the then-current per-depositor coverage limit (currently $250,000 per individual).
The Federal Deposit Insurance Corporation's (FDIC) pass-through insurance protects cash held on behalf of BitBlockAi customers from loss in the event that any FDIC-insured bank where we have custodial accounts fails. This insurance coverage by the Federal Deposit Insurance Corporation is contingent on BitBlockAi maintaining accurate records and the Federal Deposit Insurance Corporation acting as receiver during the bankruptcy of a financial institution that holds a custodial wallet on behalf of the corporation.