Binance is reportedly building a $1 billion insurance fund to counter crypto hacks

Binance on January 29 also restricted 281 personal Nigerian accounts, with approximately 38% of these at the request of international law enforcement.

Highlights

• Binance Holdings is building a $1 billion insurance war chest to counter a slew of recent cryptocurrency hacks against its trading platform.
• The crypto exchange has been setting aside emergency funds since 2018, and this fund is just a consolidation of those resources.
• Binance on January 29 also restricted 281 personal accounts in Nigeria, with approximately 38% of these at the request of international law enforcement.
• Earlier this month, Singapore-based Crypto.com confirmed that about 500 of its customer accounts were hacked and unauthorized withdrawals totaled 4,836.26 in ether, 443.93 in bitcoin and approximately $66,200 in other currencies, the exchange said in a blog post.

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