Binance's $6.3 bil. hack: How crypto insurance works

Digital asset insurance protects cryptocurrency exchanges, custodians and other firms against losses from theft, cyberattacks, technology failures and related business risks. Coverage varies with policy limits, deductibles, exclusions, asset storage and how a breach occurs. Binance established its Secure Asset Fund for Users in July 2018 as an emergency reserve; the fund held roughly $1 billion in bitcoin as of 2026. Insurers assess compromised systems, security procedures and whether the loss falls within the policy.

The global crypto insurance market was valued at $9.37 billion in 2025 and is projected to reach $184.98 billion by 2033, according to Data Bridge Market Research.

Digital asset policies can include crime, cyber liability, errors and omissions, directors and officers, and technology liability coverage.

Common exclusions include value fluctuations, fraudulent acts by the policyholder, and unsecured or negligent key management.

Traditional crime policies generally do not cover cryptocurrency losses, while cyber policies typically exclude the loss or transfer of funds unless specific digital asset coverage is added.

The article says underwriting crypto risks remains a niche business, offered largely by specialist insurers in the Lloyd’s market and Bermuda.

Published Oct 31, 2026 12:58 am KST

This illustration photograph taken in Mulhouse, eastern France on Feb. 11, 2025, shows the bitcoin logo displayed on a smartphone. AFP-Yonhap

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 made insurers wary of the sector, despite growing demand for protection against digital asset theft and claims against company executives.

While both crime and demand for protection have tracked cryptocurrencies' meteoric rise, underwriting such risks remains a niche business offered largely by specialist insurers in the Lloyd's market and in Bermuda.

What is digital asset insurance?

Digital asset insurance is a range of policies designed to protect cryptocurrency exchanges, custodians and other companies operating in the sector against financial losses arising from the theft of digital assets, cyberattacks, technology failures and other business risks.

Unlike traditional insurance, these policies are tailored to risks associated with blockchain technology, including the theft or loss of private keys, wallet security breaches, smart contract vulnerabilities and failures in digital asset custody.

The research firm cited growing institutional adoption of cryptocurrencies and rising incidents of cyberattacks and digital asset theft among the factors driving demand.

Coverage can include several types of policies:

* Crime insurance for theft, social engineering and scams

* Cyber liability for breaches, hacks and regulatory response

* Errors and omissions insurance for software bugs, smart contract failures

* Directors and officers insurance for lawsuits targeting executives

* Technology liability for infrastructure providers

How are losses covered?

When a crypto exchange suffers a hack, losses can be covered through a combination of insurance payouts, the company's own capital and emergency funds set aside to compensate customers.

The extent of insurance coverage depends on the policies held by the exchange, including their limits, deductibles and exclusions. Where losses exceed the insured amount, the company must rely on its own financial resources or other recovery arrangements to meet its obligations.

Some exchanges also maintain reserve funds to reimburse customers following security breaches. Binance established the Secure Asset Fund for Users (SAFU) in July 2018 as an emergency reserve to protect users in extreme cases, such as security breaches or platform-level incidents.

As of 2026, the SAFU fund holds crypto assets worth roughly $1 billion, entirely in bitcoin, according to Binance's website. The company did not immediately respond to Reuters' request for comment on its insurance coverage.

What can prevent an insurance payout?

Exclusions that allow insurers to deny certain claims are common in policies covering digital assets as well as the personal liabilities of directors and officers at cryptocurrency companies. These can limit the scope of protection available to companies and make it harder for them to secure coverage.

Common exclusions in these policies include value fluctuations, fraudulent acts by the policyholder and unsecured or negligent key management.

"Digital asset firms and, increasingly, their institutional clients need to understand precisely what is covered, where exclusions and sublimits apply, and which risks are retained," Jacqueline Quintal, Marsh's financial institutions and digital asset industry leader, told Reuters.

"Given the potential gap between probable/possible loss and available insurance capacity, technology and security controls, strong governance and financial strength are equally important to resilience."

Do traditional crime and cyber insurance policies cover crypto?

Most standard crime insurance policies do not cover cryptocurrency losses, as they were originally designed to protect physical property such as cash, securities and precious metals.

Traditional cyber liability policies also do not always cover the value of digital assets stolen in a hack. While cyber policies can cover both first-party losses and third-party liabilities, including forensic investigations, customer notifications and legal expenses, they generally exclude the loss or transfer of funds.

As a result, standalone cyber policies typically do not cover the full value of stolen cryptocurrency unless specific digital asset coverage has been added.

How do insurers assess crypto theft claims?

Insurers examine how a breach occurred, which systems were compromised and whether the resulting loss falls within the policy's coverage.

They may also assess whether the exchange followed required security procedures, including controls over private keys, wallet access and transaction approvals.

The distinction between an external hacker stealing credentials and an employee deliberately transferring assets can determine whether a crime or cyber insurance policy covers the loss.

数字资产保险为加密货币交易所、托管机构和其他公司提供保障，使其免受盗窃、网络攻击、技术故障及相关商业风险造成的损失。承保范围因保单限额、免赔额、除外责任、资产存储方式以及数据泄露的发生方式而异。币安于2018年7月设立了用户安全资产基金作为应急储备金；截至2026年，该基金持有价值约10亿美元的比特币。保险公司会评估受损系统、安全措施以及损失是否在保单承保范围内。

据 Data Bridge Market Research 的数据，2025 年全球加密货币保险市场价值为 93.7 亿美元，预计到 2033 年将达到 1849.8 亿美元。

数字资产保险可以涵盖犯罪、网络责任、错误和遗漏、董事和高管责任以及技术责任等保障范围。

常见除外责任包括价值波动、投保人的欺诈行为以及钥匙管理不善或疏忽。

传统犯罪保险通常不承保加密货币损失，而网络保险通常不包括资金损失或转移，除非额外附加了数字资产保险。

文章指出，加密货币风险承保仍然是一个小众业务，主要由劳合社市场和百慕大的专业保险公司提供。

发布于2026年10月31日凌晨12:58（韩国标准时间）

这张摄于2025年2月11日法国东部城市米卢斯的插图照片，显示了智能手机上显示的比特币标志。法新社-韩联社

黑客从币安窃取了 63 亿美元，这是全球最大的加密货币盗窃案，也让人们更加关注加密货币交易所如何为其数字资产投保，以防被盗和遭受网络攻击。

但保险保障远非统一。保障范围取决于资产的存储方式、黑客入侵的途径以及保单的具体条款。

尽管对数字资产盗窃和针对公司高管的索赔的保护需求不断增长，但由于监管有限和加密货币价格波动，保险公司长期以来一直对该行业持谨慎态度。

虽然犯罪率和对保险的需求都随着加密货币的飞速发展而上升，但承保此类风险仍然是一项小众业务，主要由劳合社市场和百慕大的专业保险公司提供。

什么是数字资产保险？

数字资产保险是一系列旨在保护加密货币交易所、托管机构和该行业其他公司免受因数字资产被盗、网络攻击、技术故障和其他商业风险造成的经济损失的保单。

与传统保险不同，这些保单是专门针对与区块链技术相关的风险而制定的，包括私钥被盗或丢失、钱包安全漏洞、智能合约漏洞和数字资产托管失败。

该研究公司指出，加密货币在机构中的普及以及网络攻击和数字资产盗窃事件的增加是推动需求增长的因素之一。

保险范围可以包括以下几种类型的保单：

* 盗窃、社交工程和诈骗犯罪保险

* 网络责任，包括数据泄露、黑客攻击和监管应对

* 软件漏洞、智能合约故障的错误和遗漏保险

* 董事及高管责任保险，用于应对针对高管的诉讼

* 基础设施提供商的技术责任

如何赔偿损失？

当加密货币交易所遭受黑客攻击时，损失可以通过保险赔付、公司自有资金和预留给客户的紧急资金来弥补。

保险的承保范围取决于交易所持有的保单，包括保额、免赔额和除外责任。如果损失超过保险金额，公司必须依靠自有资金或其他赔偿安排来履行其义务。

一些交易所也设有储备金，用于在安全漏洞发生后赔偿客户。币安于2018年7月设立了用户安全资产基金（SAFU），作为紧急储备金，用于在安全漏洞或平台级事件等极端情况下保护用户。

根据币安网站的信息，截至2026年，SAFU基金持有价值约10亿美元的加密资产，全部为比特币。该公司尚未回复路透社关于其保险范围的置评请求。

什么因素会导致保险赔付被拒绝？

在涵盖数字资产以及加密货币公司董事和高管个人责任的保单中，保险公司通常会设置除外条款，允许其拒绝某些索赔。这些除外条款会限制公司可获得的保障范围，并增加其获得保险的难度。

这些保单中常见的除外责任包括价值波动、投保人的欺诈行为以及钥匙管理不善或疏忽。

“数字资产公司及其机构客户，尤其是机构客户，需要准确了解哪些内容在承保范围内，哪些除外责任和子限额适用，以及哪些风险需要自行承担，”Marsh 金融机构和数字资产行业负责人 Jacqueline Quintal 告诉路透社。

“鉴于可能损失与可用保险能力之间可能存在差距，技术和安全控制、强有力的治理和财务实力对于抵御风险同样重要。”

传统犯罪和网络保险是否涵盖加密货币？

大多数标准犯罪保险单不承保加密货币损失，因为它们最初是为了保护现金、证券和贵金属等有形财产而设计的。

传统的网络责任险保单也并非总是涵盖黑客攻击中被盗数字资产的价值。虽然网络保险可以承保第一方损失和第三方责任，包括取证调查、客户通知和法律费用，但通常不包括资金的丢失或转移。

因此，除非另行添加特定的数字资产保险，否则独立的网络保险通常不会涵盖被盗加密货币的全部价值。

保险公司如何评估加密货币盗窃索赔？

保险公司会调查数据泄露是如何发生的，哪些系统遭到破坏，以及由此造成的损失是否在保单的承保范围内。

他们还可能评估交易所是否遵循了必要的安全程序，包括对私钥、钱包访问权限和交易审批的控制。

外部黑客窃取凭证和员工故意转移资产之间的区别，可以决定犯罪保险或网络保险是否涵盖损失。