BINANCE US$6.3BN HACK BEGAN WITH A FAKE JOB OFFER , AND IT HAD NO CYBER COVER

What happened: Binance says a fake job offer led a software engineer to download malicious code, enabling attackers to steal about US$6.3bn from its hot wallets, the largest crypto theft on record. Why it matters: Binance had no cyber insurance to claim on, and standard crime and cyber policies often exclude fund transfers or invoke war and state-backed exclusions once a nation-state is blamed. Binance is covering the loss from SAFU, a futures insurance fund, and corporate treasury. Coverage: 4 outlets in 24h

Binance says a fake job offer led a software engineer to download malicious code, enabling attackers to steal about US$6.3bn from its hot wallets, the largest crypto theft on record.

Binance had no cyber insurance to claim on, and standard crime and cyber policies often exclude fund transfers or invoke war and state-backed exclusions once a nation-state is blamed. Binance is covering the loss from SAFU, a futures insurance fund, and corporate treasury.