CNBC · 2026-10-31 13:58 UTC

Binance, crypto and hacks: What to know about keeping coin safe as cyber criminals advance

Binance, the world's largest crypto exchange, was hacked on Oct. 29 with an estimated $6.3 billion in losses; about $3 billion has been frozen so far. Binance pledged to cover all losses through company funds, but this is a voluntary pledge rather than a legal guarantee like FDIC insurance for bank deposits. Crypto investors lack legal protections equivalent to FDIC insurance; compensation depends on whether exchanges choose to pay and have sufficient funds to do so.

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