Binance has now covered 90% of the stolen funds.
A few key takeaways from the latest update:
* $6.34B+ in company funds were set aside to cover the losses.
* BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now 100% backed.
* Binance will absorb the financial impact, not its users.
* The remaining 10% consists of less liquid tokens that may take longer to acquire.
* Withdrawals are still on track to resume on November 1.
Binance is also updating its Proof of Reserves, allowing users to independently verify the backing of their assets once the full proof is generated.
The important thing here is that Binance isn’t just making promises. They’re showing measurable progress toward covering the losses.
Number one crypto exchange for a reason 🤝
A few key takeaways from the latest update:
* $6.34B+ in company funds were set aside to cover the losses.
* BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now 100% backed.
* Binance will absorb the financial impact, not its users.
* The remaining 10% consists of less liquid tokens that may take longer to acquire.
* Withdrawals are still on track to resume on November 1.
Binance is also updating its Proof of Reserves, allowing users to independently verify the backing of their assets once the full proof is generated.
The important thing here is that Binance isn’t just making promises. They’re showing measurable progress toward covering the losses.
Number one crypto exchange for a reason 🤝
