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Report Says Binance Lacked Cyber Insurance When $6.3 Billion Hack Occurred
(10 hours ago) · 1 source · Summarized by CryptoBipto
Bloomberg Law has reported that Binance did not have cyber insurance coverage at the time of a $6.3 billion hack. The report raises questions about how the exchange plans to compensate affected users and what protections were in place.
WHY IT MATTERS
When you deposit money at a traditional bank, your funds are typically protected by government-backed insurance programs like the FDIC in the United States, which covers deposits up to $250,000 if the bank fails.
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SOURCES
- thedefiant.io
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BNBExchange SecurityCyber InsuranceBinanceHacksUser Protection