The staggering digital hack at Binance, where criminals made off with $6.3 billion in digital coins in a breach that the company revealed on Thursday, is a reminder that putting money into cryptocurrency still involves a fair bit of risk.Binance has said it will reimburse customers who have experienced losses. It has no real choice but to make people whole, lest its customers’ confidence sink even further than it already has in the wake of such a large attack.But there does not appear to be any U.S. governmental or regulatory entity that could force Binance or other troubled crypto companies to help customers. And minimal regulation is exactly what early crypto enthusiasts wanted, even as the Biden administration tried to rein in the industry before the Trump administration undid much of its work.Here are some questions and answers about the incident and its implications.Which Binance customers were vulnerable in this attack?The hack affected the original Binance (Binance.com), which the company blocks U.S. customers from using (though some probably do so anyway via virtual private networks). There is also a small Binance.Us platform for U.S. users in certain states, which was not part of the hack.What has Binance said it will do for customers?In an announcement on its website, the company said it would “cover all losses” using its own funds and its “secure asset fund for users.” The SAFU is an emergency fund that Binance set up on its own. “It is designed to reduce the potential impact on users if an extreme event does happen,” according to the company.The fund had $1 billion in Bitcoin as of 2026, according to the website. The price of Bitcoin has fallen about 30 percent this year, though the company says it replenishes the fund if it falls below $800 million in value.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe.
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