The US Consumer Financial Protection Bureau (CFPB) is reportedly proposing a digital asset recovery requirement following a series of cryptocurrency hacks.
According to new a report By the Financial Times The CFPB — which aims to protect consumers from unfair financial practices by institutions — is proposing a new rule that would require cryptocurrency companies to refund funds stolen from customers via exploits or hacks.
The report says that by proposing this new rule, the CFPB is extending the same protections offered by traditional bank accounts to cryptocurrency wallets for cryptocurrency users.
If the rule is accepted, it would change the definition of “money” to include any asset used to make payments and would force cryptocurrency wallet providers to compensate users if their funds are stolen.
Previously, data from market intelligence platform Chainalysis found that in 2024, cryptocurrency platforms lost a staggering $2.2 billion to hacks in 2024, an increase of 20% from the previous year. Chainalysis also found that exploits slowed significantly in the second half of 2024.
However, the company also found that in 2024, North Korean hackers stole more digital assets 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.
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