Global Stock News

Insurers increase scrutiny on crypto firms after $6.3B Binance hack

Insurers increase scrutiny on crypto firms after $6.3B Binance hack

Insurers are intensifying scrutiny of crypto companies following last week’s massive $6.3B heist at Binance, according to a media report on Friday.

Underwriters aren’t expected to broadly pull back from the sector or reduce availability of coverage, Reuters reported, citing interviews with industry executives and others.

The largest crypto theft on record also highlights the limits of insurance available for such incidents. No crypto policies available would cover a loss of the size that Binance incurred. Also, many policies have exclusions for state-backed cyberattacks. U.S. authorities and blockchain analysis firms have concluded that North Korea was behind the Binance hack.

Jacqueline Quintal, Marsh’s financial institutions and digital…

Source link

Share this article

Scroll to Top