解釋：幣安遭駭63億美元：加密貨幣保險如何運作

作者：Noor Zainab Hussain、Manya SainiBy Noor Zainab Hussain and Manya Saini

10月30日（路透社）——駭客從幣安竊走63億美元，成為全球最大加密貨幣竊案，也讓外界關注加密貨幣交易所如何為其數位資產投保，以防範竊盜與網路攻擊。Oct 30 (Reuters) - Hackers stole $6.3 billion from Binance in the world's biggest crypto heist, putting a spotlight on how cryptocurrency exchanges insure their digital assets against theft and cyberattacks.

但保險保障並不一致。承保範圍取決於資產如何存放、駭客如何取得存取權，以及保單的具體條款。But insurance protection is far from uniform. Coverage depends on how assets are stored, how hackers gain access and the specific terms of the policy.

儘管防範數位資產竊盜及針對公司高層求償的保障需求日益增加，但有限的監管與波動劇烈的加密貨幣價格，長期以來使保險業者對這個產業抱持謹慎態度。Limited regulation and volatile crypto prices have long made insurers wary of the sector, despite growing demand for protection against digital asset theft and claims against company executives.

雖然犯罪活動與保障需求都隨著加密貨幣的迅速崛起而增加，但承保這類風險仍屬小眾業務，主要由倫敦勞合社市場與百慕達的專業保險業者提供。While both crime and demand for protection have tracked cryptocurrencies' meteoric rise, underwriting such risks remains a niche business offered largely by specialist insurers in the Lloyd's market and in Bermuda.

什麼是數位資產保險？WHAT IS DIGITAL ASSET INSURANCE?

數位資產保險是一系列保單，旨在保障加密貨幣交易所、託管機構，以及其他在此產業營運的公司，免於因數位資產遭竊、網路攻擊、技術故障及其他營運風險而產生的財務損失。Digital asset insurance is a range of policies designed to protect cryptocurrency exchanges, custodians and other companies operating in the sector against financial losses arising from the theft of digital assets, cyberattacks, technology failures and other business risks.

不同於傳統保險，這些保單是針對區塊鏈技術相關風險量身打造，包括私鑰遭竊或遺失、錢包安全遭入侵、智慧合約漏洞，以及數位資產託管失靈。Unlike traditional insurance, these policies are tailored to risks associated with blockchain technology, including the theft or loss of private keys, wallet security breaches, smart contract vulnerabilities and failures in digital asset custody.

根據Data Bridge Market Research，全球加密貨幣保險市場在2025年估值為93.7億美元，預計到2033年將達到1,849.8億美元。The global crypto insurance market was valued at $9.37 billion in 2025 and is projected to reach $184.98 billion by 2033, according to Data Bridge Market Research.

這家研究公司指出，推動需求的因素包括機構對加密貨幣的採用增加，以及網路攻擊和數位資產竊盜事件增多。The research firm cited growing institutional adoption of cryptocurrencies and rising incidents of cyberattacks and digital asset theft among the factors driving demand.

保障範圍可包括數類保單：Coverage can include several types of policies:

• 犯罪保險，保障竊盜、社交工程與詐騙• Crime insurance for theft, social engineering and scams

• 網路責任保險，保障資料外洩、駭侵與監管應對• Cyber liability for breaches, hacks and regulatory response

• 錯誤與疏漏保險，保障軟體漏洞、智慧合約失靈• Errors and omissions insurance for software bugs, smart contract failures

• 董事及高階主管責任保險，保障針對高層的訴訟• Directors and officers insurance for lawsuits targeting executives

• 技術責任保險，保障基礎設施供應商• Technology liability for infrastructure providers

損失如何獲得保障？HOW ARE LOSSES COVERED?

當加密貨幣交易所遭到駭侵時，損失可透過保險理賠、公司自有資本，以及為賠償客戶而預留的緊急基金共同承擔。When a crypto exchange suffers a hack, losses can be covered through a combination of insurance payouts, the company's own capital and emergency funds set aside to compensate customers.

保險保障程度取決於交易所持有的保單，包括保額上限、自負額與除外責任。若損失超過投保金額，公司必須依靠自身財務資源或其他追償安排來履行義務。The extent of insurance coverage depends on the policies held by the exchange, including their limits, deductibles and exclusions. Where losses exceed the insured amount, the company must rely on its own financial resources or other recovery arrangements to meet its obligations.

部分交易所也設有準備金，以便在安全事件後補償客戶。幣安於2018年7月成立用戶安全資產基金（Secure Asset Fund for Users，SAFU），作為緊急準備金，在安全漏洞或平台層級事件等極端情況下保護用戶。Some exchanges also maintain reserve funds to reimburse customers following security breaches. Binance established the Secure Asset Fund for Users (SAFU) in July 2018 as an emergency reserve to protect users in extreme cases, such as security breaches or platform-level incidents.

根據幣安網站，截至2026年，SAFU基金持有價值約10億美元的加密資產，全部為比特幣。對於路透社就其保險保障提出的採訪請求，該公司未立即回應。As of 2026, the SAFU fund holds crypto assets worth roughly $1 billion, entirely in bitcoin, according to Binance's website. The company did not immediately respond to Reuters' request for comment on its insurance coverage.

什麼情況可能導致無法獲得保險理賠？WHAT CAN PREVENT AN INSURANCE PAYOUT?

保單中常見允許保險業者拒絕特定理賠的除外條款，這在承保數位資產，以及加密貨幣公司董事與高階主管個人責任的保單中皆然。這些條款可能限制公司可獲得的保障範圍，也使它們更難取得承保。Exclusions that allow insurers to deny certain claims are common in policies covering digital assets as well as the personal liabilities of directors and officers at cryptocurrency companies. These can limit the scope of protection available to companies and make it harder for them to secure coverage.

這類保單常見的除外責任包括價值波動、被保險人的詐欺行為，以及私鑰管理未受保護或存在疏失。Common exclusions in these policies include value fluctuations, fraudulent acts by the policyholder and unsecured or negligent key management.

威達信金融機構與數位資產產業主管賈桂琳・昆塔爾（Jacqueline Quintal）告訴路透社：「數位資產公司，以及愈來愈多的機構客戶，需要精確了解哪些項目受到保障、哪些地方適用除外責任與分項限額，以及哪些風險仍由自身承擔。」"Digital asset firms and, increasingly, their institutional clients need to understand precisely what is covered, where exclusions and sublimits apply, and which risks are retained," Jacqueline Quintal, Marsh's financial institutions and digital asset industry leader, told Reuters.

「鑑於可能發生或可能存在的損失與可取得保險承保能量之間可能出現落差，技術與安全控制、健全治理及財務實力，對韌性同樣重要。」"Given the potential gap between probable/possible loss and available insurance capacity, technology and security controls, strong governance and financial strength are equally important to resilience."

傳統犯罪與網路保險保單是否承保加密貨幣？DO TRADITIONAL CRIME AND CYBER INSURANCE POLICIES COVER CRYPTO?

多數標準犯罪保險保單並不承保加密貨幣損失，因為這類保單最初是為保障現金、有價證券與貴金屬等實體財產而設計。Most standard crime insurance policies do not cover cryptocurrency losses, as they were originally designed to protect physical property such as cash, securities and precious metals.

傳統網路責任保險保單也並非一律承保駭侵中遭竊的數位資產價值。雖然網路保單可承保第一方損失與第三方責任，包括鑑識調查、通知客戶和法律費用，但通常排除資金的損失或轉移。Traditional cyber liability policies also do not always cover the value of digital assets stolen in a hack. While cyber policies can cover both first-party losses and third-party liabilities, including forensic investigations, customer notifications and legal expenses, they generally exclude the loss or transfer of funds.

因此，除非已加入特定數位資產保障，獨立網路保單通常不承保遭竊加密貨幣的全部價值。As a result, standalone cyber policies typically do not cover the full value of stolen cryptocurrency unless specific digital asset coverage has been added.

保險業者如何評估加密貨幣竊盜理賠？HOW DO INSURERS ASSESS CRYPTO THEFT CLAIMS?

保險業者會檢視入侵如何發生、哪些系統遭到攻破，以及由此造成的損失是否落在保單承保範圍內。Insurers examine how a breach occurred, which systems were compromised and whether the resulting loss falls within the policy's coverage.

他們也可能評估交易所是否遵循規定的安全程序，包括對私鑰、錢包存取權和交易核准的控管。They may also assess whether the exchange followed required security procedures, including controls over private keys, wallet access and transaction approvals.

外部駭客竊取憑證，與員工蓄意轉移資產之間的差異，可能決定犯罪保險或網路保險保單是否承保這項損失。The distinction between an external hacker stealing credentials and an employee deliberately transferring assets can determine whether a crime or cyber insurance policy covers the loss.

（Noor Zainab Hussain、Manya Saini班加羅爾報導；Saumyadeb Chakrabarty編輯）(Reporting by Noor Zainab Hussain and Manya Saini in Bengaluru; Editing by Saumyadeb Chakrabarty)