Marcos Alvarez, a managing director at Morningstar DBRS who oversees global financial institution ratings, said no crypto insurance policy can cover a loss matching Binance’s estimated $6.3 billion impact.
Alvarez said insurers could dispute or deny claims if authorities attribute an attack to a state. Whether those exclusions would work in a major loss remains untested, he said. The FBI said a group with ties to North Korea was responsible for the Binance attack.
Binance estimated the incident’s impact at about $6.3 billion. Chainalysis put the value at about $5.912 billion at the time of the theft, while TRM Labs counted roughly $6.36 billion in transfers; EconoTimes has previously compared the estimates.
