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Automatically translated version. May contain inaccuracies compared to the original.
The theft of $6,3 billion at Binance forced insurers to reassess cryptocurrency exchange risks
🔹 After the largest crypto heist in history, insurance companies plan to strengthen audits of crypto exchanges and reconsider approaches to risk assessment. According to Reuters, there are effectively no insurance policies on the market capable of covering losses of that magnitude.
🔹 An additional problem could be a possible North Korean link. Many insurance contracts include exclusions for losses from cyberattacks organized with state support. If DPRK involvement is confirmed, insurers could invoke those clauses and refuse payouts.
🔹 The consequences of the attack are already being investigated by U.S. banks as well. The U.S. Federal Reserve and the OCC are determining whether they have similar vulnerabilities. According to Reuters, cybersecurity specialists at one of the largest banks contacted Binance only a few hours after the attack.
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