Binance Lacks Cyber Insurance for $6.3B Hack, Bloomberg Law Reports

The absence of cyber coverage turns a record loss into a direct balance-sheet event rather than an insured one, leaving Binance's own reserves, including SAFU and its futures insurance fund, as the visible backstop. That distinction matters most for users evaluating how much protection sits behind an exchange's promises, and for counterparties and regulators assessing how the industry prices operational risk. Whether other large venues disclose comparable coverage, and whether insurers keep excluding crypto and crime exposures, is the open question worth watching.