NEW YORK TIMES · 2026-10-30 18:13 UTC

Binance's $6.3 Billion Hack: What Protections Exist for Crypto Customers?

Binance revealed a $6.3 billion hack affecting its main platform (Binance.com), which U.S. customers are blocked from using. The company said it will cover all losses using its own funds and its Secure Asset Fund for Users (S.A.F.U.), which held $1 billion in Bitcoin as of 2026. Unlike banks and brokerages, cryptocurrency accounts have no federal guarantees or regulatory protections in the U.S. if hacked or if the company fails.

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