Binance follow-up: $6.34 billion reserved, buyback of stolen tokens begins, withdrawals still unavailable
This is real progress tonight, not just a clarification of the wording—Binance has, for the first time, put a concrete figure behind its promise of “full reimbursement.”
At around 18:55 Beijing time tonight, Binance officially updated its statement: it has reserved more than $6.34 billion in company funds specifically to cover losses from this security incident. About $5 billion of that is already in the form of the stolen tokens themselves. The remaining shortfall is being bought back through market and over-the-counter channels until the full amount is acquired. The approximately $3 billion that has been frozen is not included in the $6.34 billion; it is a separate amount that is still being tracked down and verified.
Let’s get the figures straight to avoid getting confused: $6.34 billion is the amount Binance is setting aside from its own funds to cover losses. It is not a newly announced total for the stolen funds (that total remains approximately $6.3 billion), nor is it money that has already been recovered. The $3 billion frozen does not mean the funds have been received, either—and you can’t add $6.34 billion and $3 billion together and call it $9.3 billion. This update also offers nothing new on several fronts: it doesn’t list which tokens are still being bought, provide purchase prices or a completion deadline, and the updated proof of reserves remains something to “verify later”—a future item, not a snapshot that can be checked today.
What hasn’t changed is just as important: withdrawals and Alpha trading were still paused at the time of publication, and there has been no new revision to the 45-hour restoration target (around November 1 at 13:47). CryptoTimes also reports that Binance told it the company is coordinating with the U.S. FBI and Secret Service to recover the funds. However, Binance’s statement about the reserved funds did not name either agency, so treat this as a single-source report, not an official characterization.
Market snapshot (checked against two sources before publication): $BTC at around $77,568 (-3.19% over 24h), $ETH at around $2,244 (-3.44%), and $BNB at around $701 (-5.0%). Prices haven’t rebounded on the good news, suggesting the market is waiting not for promises, but for the moment withdrawals actually reopen.
My take: setting funds aside and buying back the tokens is much more substantial than repeating “user funds are safe”—it means Binance is using its own funds to plug the hole first, rather than waiting for the frozen funds to trickle back. But the real test still lies in two things: first, whether the buybacks will cause volatility in the market; and second, whether withdrawals will actually reopen in stages when the 45-hour target arrives. Those are the two steps between making a promise and delivering on it.
Risk disclaimer: The above is based on official statements and media reports and does not constitute investment advice. The withdrawal reopening time is still a target, not a confirmed time. Base your decisions about holdings and deposits or withdrawals on official announcements and the actual status of your account.
Do you think the market will first breathe a sigh of relief and rebound on the day withdrawals resume, or will there be a wave of withdrawals first? Share your thoughts in the comments.
#Binance #安全事件 #热钱包 #WithdrawalsPaused
This is real progress tonight, not just a clarification of the wording—Binance has, for the first time, put a concrete figure behind its promise of “full reimbursement.”
At around 18:55 Beijing time tonight, Binance officially updated its statement: it has reserved more than $6.34 billion in company funds specifically to cover losses from this security incident. About $5 billion of that is already in the form of the stolen tokens themselves. The remaining shortfall is being bought back through market and over-the-counter channels until the full amount is acquired. The approximately $3 billion that has been frozen is not included in the $6.34 billion; it is a separate amount that is still being tracked down and verified.
Let’s get the figures straight to avoid getting confused: $6.34 billion is the amount Binance is setting aside from its own funds to cover losses. It is not a newly announced total for the stolen funds (that total remains approximately $6.3 billion), nor is it money that has already been recovered. The $3 billion frozen does not mean the funds have been received, either—and you can’t add $6.34 billion and $3 billion together and call it $9.3 billion. This update also offers nothing new on several fronts: it doesn’t list which tokens are still being bought, provide purchase prices or a completion deadline, and the updated proof of reserves remains something to “verify later”—a future item, not a snapshot that can be checked today.
What hasn’t changed is just as important: withdrawals and Alpha trading were still paused at the time of publication, and there has been no new revision to the 45-hour restoration target (around November 1 at 13:47). CryptoTimes also reports that Binance told it the company is coordinating with the U.S. FBI and Secret Service to recover the funds. However, Binance’s statement about the reserved funds did not name either agency, so treat this as a single-source report, not an official characterization.
Market snapshot (checked against two sources before publication): $BTC at around $77,568 (-3.19% over 24h), $ETH at around $2,244 (-3.44%), and $BNB at around $701 (-5.0%). Prices haven’t rebounded on the good news, suggesting the market is waiting not for promises, but for the moment withdrawals actually reopen.
My take: setting funds aside and buying back the tokens is much more substantial than repeating “user funds are safe”—it means Binance is using its own funds to plug the hole first, rather than waiting for the frozen funds to trickle back. But the real test still lies in two things: first, whether the buybacks will cause volatility in the market; and second, whether withdrawals will actually reopen in stages when the 45-hour target arrives. Those are the two steps between making a promise and delivering on it.
Risk disclaimer: The above is based on official statements and media reports and does not constitute investment advice. The withdrawal reopening time is still a target, not a confirmed time. Base your decisions about holdings and deposits or withdrawals on official announcements and the actual status of your account.
Do you think the market will first breathe a sigh of relief and rebound on the day withdrawals resume, or will there be a wave of withdrawals first? Share your thoughts in the comments.
#Binance #安全事件 #热钱包 #WithdrawalsPaused
