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Explained in plain English

Who pays for crypto hacks?

When a crypto exchange is hacked, it's usually the exchange itself that covers the losses, not individual users. This is often done through insurance funds or by using company profits, as Binance has promised to do here. This protects customer assets and maintains trust in the platform.

Stories that explain this

Binance halts withdrawals after $6.3bn hack, freezing half the stolen funds

Related explainers

How did the hacker get in? Why would North Korea do it? How do they freeze funds? Can AI really 'hack'? How do AIs 'hack' companies? Global crypto tax trends HMRC's crypto crackdown Do I owe crypto tax?

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