When a financial institution loses billions of dollars to hackers, replacing the money is supposed to be the beginning of the recovery, not the end of the story.
Cryptocurrency is finding that out the hard way.
Binance said Thursday (Nov. 12) that it replaced all tokens stolen in an October cyberattack that drained approximately $6.3 billion from the world’s largest crypto exchange, PYMNTS reported. The announcement came as authorities in the United States disclosed that more than $2.7 billion in stolen assets had been frozen, including more than $1.2 billion subject to court-authorized seizure or restraint.
The question is no longer simply whether crypto companies can reimburse customers after a breach but whether the industry’s…
