During this period, in addition to rebuilding our security environment and wallet setup and conducting security audits, we will use our own funds to cover the stolen assets upfront, so that users’ assets remain fully backed at a 1:1 ratio. In the coming days, we will update the Merkle tree, and you will be able to verify your assets through proof of reserves. Most of what Binance earns is already in the form of tokens, and because we believe in this industry, most of our own reserves already match the stolen assets in token form. Only a very small amount needs to be purchased on or off the exchange. Online rumors claim that we need to buy more than $6 billion worth of assets on the market. This is completely inaccurate, so I want to clarify.
I’m not a technical expert myself, but based on our security and technical teams’ investigation so far, this was a highly sophisticated, multi-layered attack, so we will be especially careful with our next steps. We will publish a detailed report on the technical security audit for the public. We also hope security professionals across the industry will work with us to build future security standards.
In the age of artificial intelligence, hacking has become a serious threat to the entire industry. We will never give up pursuing the hackers. We will get to the bottom of the truth and work closely with law enforcement authorities around the world