Binance's recovery checklist vs. a red tape
Binance says it has finished covering the assets hit in its recent security incident, committing more than $6.34B of company funds. The money came from a partial SAFU deployment, part of the Futures insurance fund and its corporate treasury. It has also pledged to top SAFU back up to about $1B.
What I'm watching:
• A new Proof of Reserves snapshot (Nov 12, 00:00 UTC) covering 198 tokens. A zk proof that holders can check for 1:1 backing is expected about 40–50h later
• Withdrawals for 87 networks reopened this week, incl. $ADA, $AVAX, $HYPE, $TAO. Binance is aiming to reopen all remaining networks by the end of next week
The market isn't waiting around. In the last 24h on Binance spot: $BTC -7.1% to ~$63.6K, $ETH -9.7% to ~$1,747, $BNB -8.5% to ~$578, $SOL -10.7%.
My take: verifiable reserves and a firm reopening deadline matter more than any promo right now. If you hold affected tokens, verify your balance yourself once the zk proof is live.
#Binance #ProofOfReserves #safu #CryptoMarkets
Not financial advice. DYOR.
Binance says it has finished covering the assets hit in its recent security incident, committing more than $6.34B of company funds. The money came from a partial SAFU deployment, part of the Futures insurance fund and its corporate treasury. It has also pledged to top SAFU back up to about $1B.
What I'm watching:
• A new Proof of Reserves snapshot (Nov 12, 00:00 UTC) covering 198 tokens. A zk proof that holders can check for 1:1 backing is expected about 40–50h later
• Withdrawals for 87 networks reopened this week, incl. $ADA, $AVAX, $HYPE, $TAO. Binance is aiming to reopen all remaining networks by the end of next week
The market isn't waiting around. In the last 24h on Binance spot: $BTC -7.1% to ~$63.6K, $ETH -9.7% to ~$1,747, $BNB -8.5% to ~$578, $SOL -10.7%.
My take: verifiable reserves and a firm reopening deadline matter more than any promo right now. If you hold affected tokens, verify your balance yourself once the zk proof is live.
#Binance #ProofOfReserves #safu #CryptoMarkets
Not financial advice. DYOR.