Binance $6.3 billion hack raises questions about crypto insurance
After a massive $6.3 billion hack hit Binance, people are wondering just how safe their crypto really is and what insurance actually covers.
Crypto insurance is meant to protect against things like hacks and stolen keys, but coverage can be all over the place depending on how assets are stored and what the policy says.
Crypto insurance projected $184.98B by 2033
Crypto insurance is set to boom, possibly hitting $184.98 billion by 2033 as more folks want protection from digital risks.
Big exchanges like Binance use special funds, like their $1 billion SAFU reserve, to help cover losses from hacks.
Still, insurers are pretty cautious because of unclear regulations and tricky risks, so most coverage comes from niche firms, with lots of fine print around things like fraud or bad password management.