About our compensation policy
Crypto.com Exchange (HK) has a compensation policy to set out loss compensation arrangements in respect of loss of customers’ virtual assets.
We will maintain a reserve amount to cover potential loss of 50% of client virtual assets in cold storage and 100% of client virtual assets in hot and other storages held by Foris DAX HK Associate Limited (our Associated Entity). The total value of client virtual assets held under custody will be monitored to ascertain if the compensation arrangements are appropriate. In addition, we will hold the reserve amount in a segregated account, which is segregated from company assets and group company assets.
Crypto.com Exchange (HK) will generally compensate customers for loss of virtual assets as a result of a cyber-attack where virtual assets are stolen or when there is other fraud perpetrated. We will not compensate customers if the loss of virtual assets has been recovered or is recoverable through other avenues in a reasonable period of time, including if:
The wallet holder assists in tracing the lost virtual assets and successfully recovers the virtual assets
Other third parties compensate the customer in respect of the loss
The malicious actor is identified and there is a court order for the funds to be repaid to the customer
In addition, if we have compensated customers for loss of virtual assets, but the loss is later recovered in full or in part, we may claw back any such amount subsequently recovered in respect of the same loss.
In the event that the customer is partially at fault or has contributory negligence (including if the customer had intentionally or unintentionally shared their passwords, codes, account or personal details to another person), we reserve the sole discretion and right to compensate losses proportionally, or refuse compensation.
Compensation will only be made in the form of fiat currency to the customer’s designated Hong Kong bank account, and not in any virtual assets.
Making a claim for compensation
Compensation is only payable if the following claim process is followed:
The customer should submit a claim in writing if necessary (oral submissions will be accepted if the evidence is present on blockchain). This can be done by sending:
a hard copy letter sent to our relevant address: Suite No 7, 20/F, Pacific Plaza, No. 410 Des Voeux Road West, Hong Kong; or
A complaint in text to our client representatives on chat.crypto.com.
The claim must include:
customer name;
customer account or reference number;
virtual asset loss value; and
loss cause, if known.
We will endeavour to acknowledge receipt of the loss claim within 7 working days after receiving the claim request with all the requisite information, and to provide follow up actions.
Crypto.com Exchange (HK) reserves the right to assess all claims on a case-by-case basis, to verify the facts of the claim, and to determine if a claim should be compensated at our sole discretion.