Binance says it has fully covered assets affected by the hack
🏦 On November 12, Binance said it had completed coverage of assets affected by the roughly $6.3 billion October 29 hack, after committing over $6.34 billion in company resources.
🔄 The exchange purchased replacement tokens through market and OTC transactions. This does not mean all stolen assets have been recovered.
📊 A new Proof of Reserves snapshot covers 198 tokens. At the announcement, the zero-knowledge proof was still being generated, with 40–50 hours expected before users could independently verify backing of at least 1:1.
🔓 Withdrawals continue to reopen in phases, meaning full asset coverage does not yet imply complete service restoration.
🧭 The update may ease concerns about asset shortfalls at Binance. Restoring confidence will also depend on reserve verification and further progress in reopening withdrawals.
#Binance $BNB
🏦 On November 12, Binance said it had completed coverage of assets affected by the roughly $6.3 billion October 29 hack, after committing over $6.34 billion in company resources.
🔄 The exchange purchased replacement tokens through market and OTC transactions. This does not mean all stolen assets have been recovered.
📊 A new Proof of Reserves snapshot covers 198 tokens. At the announcement, the zero-knowledge proof was still being generated, with 40–50 hours expected before users could independently verify backing of at least 1:1.
🔓 Withdrawals continue to reopen in phases, meaning full asset coverage does not yet imply complete service restoration.
🧭 The update may ease concerns about asset shortfalls at Binance. Restoring confidence will also depend on reserve verification and further progress in reopening withdrawals.
#Binance $BNB
