{
  "id": 17255752,
  "title": "Binance's $6.3 bil. hack: How crypto insurance works",
  "url": "https://urgent.news/2026/10/30/binances-6-3-bil-hack-how-crypto-insurance-works-17255752",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T16:57:03.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times",
    "url": "https://www.koreatimes.co.kr/world/20261031/binances-63-bil-hack-how-crypto-insurance-works"
  },
  "original_language": "en",
  "account": "On May 11, 2021, hackers executed the largest cryptocurrency heist in history, siphoning $6.3 billion from Binance, the world's largest crypto exchange. This event brought much-needed attention to the issue of cryptocurrency insurance, as insurers grappled with the unique challenges of underwriting risks associated with digital assets.\n\nDigital asset insurance is a specialized form of coverage designed to safeguard cryptocurrency exchanges, custodians, and other industry players from financial losses due to theft, cyberattacks, technological failures, and other business risks. Unlike traditional insurance policies, digital asset insurance policies are tailored to the unique needs and risks of the crypto industry.\n\nCoverage under digital asset insurance varies depending on how assets are stored, how hackers gain access, and the specific terms of the policy. Insurers are cautious due to the lack of regulation and the volatile nature of cryptocurrency prices. Despite this, demand for protection against digital asset theft and claims against company executives has been growing.\n\nThe underwriting of such risks is primarily handled by specialist insurers operating in the Lloyd's market and Bermuda. While the rise of crime and demand for protection have kept pace with cryptocurrencies' meteoric rise, underwriting these risks remains a niche business.",
  "summary": "Hackers stole $6.3 billion from Binance in the world's biggest crypto heist, putting a spotlight on how cryptocurrency exchanges insure their digital assets against theft and cyberattacks. But insurance protection is far from uniform. Coverage depends on how assets are stored, how hackers gain access and the specific terms of the policy. Limited regulation and volatile crypto prices have long…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Insurance Journal",
        "title": "Binance’s $6.3 Billion Hack: How Crypto Insurance Works",
        "url": "https://urgent.news/2026/10/30/binances-6-3-billion-hack-how-crypto-insurance-works-17258259",
        "published": "2026-10-30T16:36:42.000Z"
      },
      {
        "outlet": "CBS News",
        "title": "Alphabet loses $428B after stock plummets; Binance's colossal $6.3B hack",
        "url": "https://urgent.news/2026/10/30/alphabet-loses-428b-after-stock-plummets-binances-colossal-6-3b-hack",
        "published": "2026-10-30T16:53:36.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}