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اقتصاد
Who Pays for Crypto Hacks
Binance announced that it had allocated more than $6.34 billion to compensate users for stolen assets, raising its coverage rate to 90% and fully reimbursing balances in 10 cryptocurrencies. The funds come from the company’s treasury and futures insurance fund, with partial use of its user-protection fund, SAFU; Binance has pledged to restore SAFU to around $1 billion. In general, exchanges begin compensation using their reserves and may turn to insurance, borrowing, or new investors if those funds are insufficient. But insurance coverage is limited by its terms and caps. Any remaining costs may therefore fall on the company and its owners or lenders, and sometimes on customers. Recovery depends on compensation being carried out, withdrawals proceeding smoothly, and disclosures being clear.
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