Binance may face substantial losses despite its insurance arrangements because the exchange has been unable to obtain cyber coverage and existing policies often exclude state-sponsored attacks. The FBI attributed the hack to North Korean cybercriminals, which could complicate any insurance claims, although Pyongyang has disputed the allegations. The platform is drawing on corporate accounts and emergency and insurance funds to reimburse affected users and has restored approximately 95% of the affected assets. The remaining 5% consists of less liquid tokens that the exchange is still sourcing through market purchases and over-the-counter transactions. The investigation identified a compromised employee laptop and additional points of compromise, while Binance said it had found no evidence of leaked wallet private keys.
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