Binance is Reportedly Building a $1 Billion Insurance Fund to Counter Crypto Hacks

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Binance is Reportedly Building a $1 Billion Insurance Fund to Counter Crypto Hacks
01 Feb 2022
4 min read

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News Synopsis

The crypto exchange, Binance building a $1 billion insurance was chest to counter the recent crypto hacks against the trading platform. The crypto trading fund has been keeping aside its funds ever since 2018 and these recent funds are a consolidation of those resources. 

Crypto trading platforms have been facing cyber attacks such as hacking for the past years. Crypto.com has also confirmed earlier this month that 500 of its customers' accounts were hacked. Not only this, unauthorised withdrawals of around  4,836.26 in ether, 443.93 in bitcoin, and $66,200 in other currencies were made.

The company has said that protection mechanisms like KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected. It is a global approach applied in every country.

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