I've stopped counting Binance's recovery updates by their percentages — the number that matters to me is 44.
Recovery Update #7, published November 4, says Binance has replenished about 98% of the amount affected by the roughly $6.3 billion security incident, up from 95%, covering the losses itself rather than passing them to users. That is Binance's own accounting; the remaining roughly 2% of less-liquid tokens, bought via market and OTC channels, has no completion date.
The checkable part is the new proof-of-reserves snapshot from 00:00 UTC on November 4: 44 tokens, not the previous 10. Its full zero-knowledge proof takes 50–60 hours to generate, so no holder can verify 1:1 backing yet. Until then, 44 is a promise of verifiability, not verification itself.
$BTC at $80,105 (+2.8%/24h) on Binance spot is context, not a reaction to this update.
When the proof lands, will you check your own balance against it — or take the headline at face value? NFA, DYOR.
$BTC #Binance #ProofOfReserves #CryptoSecurity #CryptoMarkets
Recovery Update #7, published November 4, says Binance has replenished about 98% of the amount affected by the roughly $6.3 billion security incident, up from 95%, covering the losses itself rather than passing them to users. That is Binance's own accounting; the remaining roughly 2% of less-liquid tokens, bought via market and OTC channels, has no completion date.
The checkable part is the new proof-of-reserves snapshot from 00:00 UTC on November 4: 44 tokens, not the previous 10. Its full zero-knowledge proof takes 50–60 hours to generate, so no holder can verify 1:1 backing yet. Until then, 44 is a promise of verifiability, not verification itself.
$BTC at $80,105 (+2.8%/24h) on Binance spot is context, not a reaction to this update.
When the proof lands, will you check your own balance against it — or take the headline at face value? NFA, DYOR.
$BTC #Binance #ProofOfReserves #CryptoSecurity #CryptoMarkets