BINANCE HAS NO CYBER INSURANCE FOR THE $6.3B HACK! @binance carries directors and officers insurance but has been unable to obtain cyber insurance coverage for the record hack…
Original source excerpt
🚨BINANCE HAS NO CYBER INSURANCE FOR THE $6.3B HACK! @binance carries directors and officers insurance but has been unable to obtain cyber insurance coverage for the record hack, according to a perso…
🚨BINANCE HAS NO CYBER INSURANCE FOR THE $6.3B HACK! @binance carries directors and officers insurance but has been unable to obtain cyber insurance coverage for the record hack, according to a person familiar with the matter, per Bloomberg Law. The exchange is covering customer losses from its own reserves, including the SAFU fund and corporate treasury. Like many crypto firms, full cyber coverage has proven difficult to get, and even other policies often come with exclusions that limit what can be claimed. Binance has already committed to making users whole and has replenished the bulk of the affected assets from company funds.
AI context is not available for this statement. The original source can be read independently.