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Binance Builds Up $1 Billion Insurance Fund Amid Crypto Hacks

Jan. 31, 2022, 10:58 AM

Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.

Binance, the world’s largest crypto exchange by trading volume, has been earmarking money for the emergency portfolio since July 2018 and just recently consolidated the funds into one place. The effort marks an attempt to combat concerns from users following a string of cyberattacks, including one at Binance in 2019.

Earlier this month, Crypto.com said customer accounts that held about $34 million in cryptocurrencies and cash were hit by unauthorized withdrawals. Hackers ...