Bloomberg: Binance's $6.3 Billion Hack May Not Receive Insurance Payout, Sources Say It Lacked Cyber Coverage

on November 3, according to Bloomberg Law citing informed sources, Binance may not be able to secure substantial insurance payouts following the theft of approximately $6.3 billion in crypto assets. Informed sources revealed that while Binance holds directors and officers liability (D&O) insurance, which can provide coverage for regulatory investigations or litigation arising from the incident, it has not yet obtained cyber insurance specifically covering losses from cyberattacks.

The report notes that cryptocurrency companies generally face challenges in securing cybersecurity insurance. Even if firms hold digital asset insurance, crime insurance, or executive liability insurance, exclusion clauses within relevant policies may limit the scope of actual payouts.