Hackers steal $6.3 billion from Binance — Channel NewsAsia

Hackers stole $6.3 billion in digital assets from the Binance cryptocurrency exchange, making it the largest cryptocurrency heist in the world. Channel NewsAsia reports, citing Reuters.

Following the cyberattack, the exchange's losses may be covered by insurance payouts, the company's own capital and reserve funds established to compensate clients. The amount of compensation depends on policy limits, deductibles and coverage exclusions. If the losses exceed the insurance limit, the company must use its own financial resources or other compensation mechanisms.

Binance reserve fund

In July 2018, Binance created the Secure Asset Fund for Users, or SAFU, an emergency fund to protect users in exceptional circumstances, including security breaches or platform-level incidents. As of 2026, the fund held crypto assets worth about $1 billion, entirely in bitcoin, according to data on the exchange's website.

Binance did not provide Reuters with an immediate comment on its insurance coverage. The source notes that insurers may refuse payment because of fluctuations in asset values, fraudulent actions by the policyholder or improper management of private keys.

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What risks insurance covers

Digital asset insurance is intended for crypto exchanges, custodians and other companies in the sector. It may cover asset losses caused by theft, cyberattacks, technological failures, loss of private keys, wallet security breaches, smart contract vulnerabilities and issues with the custody of digital assets.

• crime insurance, including theft, social engineering and fraud;
• cyber insurance for security breaches, hacks and regulatory response;
• errors and omissions insurance for software failures or smart contract malfunctions;
• directors' liability insurance and technology liability insurance for infrastructure providers.

Standard crime and cyber risk insurance policies often do not cover the full value of stolen cryptocurrency without separate digital asset coverage. When reviewing claims, insurers assess the method of the hack, the compromised systems and the exchange's compliance with security procedures for private keys, wallet access and transaction verification.