Bloomberg: Binance hack may struggle to get insurance payout, sources say it has no cyber insurance coverage

November 3 - According to Bloomberg Law citing informed sources, Binance may be unable to obtain large-scale compensation through insurance after suffering an incident involving the theft of approximately $6.3 billion in crypto assets. The informed sources revealed that although Binance holds Directors and Officers liability insurance (D&O), which can provide relevant protection for regulatory investigations or lawsuits triggered by the incident, it has not yet obtained cybersecurity insurance covering losses from cyber attacks.

The report pointed out that cryptocurrency companies generally face difficulties in obtaining cybersecurity insurance. Even if companies hold digital asset insurance, crime insurance, or executive liability insurance, the exclusion clauses in the relevant policies may limit the actual scope of compensation.