Binance’s $6.3B crypto heist prompts tougher insurance checks

Binance’s $6.3 billion crypto heist , the largest theft on record, is prompting insurance underwriters to examine crypto companies’ security and exposure to the exchange more closely. The response is expected to focus on tougher questions at renewal rather than a broad withdrawal of coverage, while the loss exceeds the protection available under any existing crypto insurance policy. Key takeaways The FBI linked the Binance attack to a North Korea-linked group. Underwriters are expected to investigate clients’ Binance exposure and similar security vulnerabilities. Available insurance cannot absorb a theft of this size.

Source: The Cryptonomist