$6.3 billion was stolen. The exchange’s first line of defense wasn’t cash—it was $5 billion worth of the same tokens 🦖
📢 ⏰ 消息群里第一时间说
In the early hours of October 31, the exchange issued its second security incident update.
Both co-CEOs signed the announcement, with the goal of beginning a phased resumption of withdrawals in about 34 hours,
provided all security checks are complete.
Unaffected services, including deposits, have continued operating normally.
The truly striking part is this line:
More than $6.34 billion in funds has been set aside,
including $5 billion worth of the same type of tokens that were stolen.
That covers about 80% of the affected amount.
The remaining shortfall is being purchased through market and over-the-counter channels.
Here’s what that means:
This isn’t as simple as saying, “We’ll cover everything.”
Of the $6.3 billion loss, about $3 billion has been frozen on-chain.
But frozen doesn’t mean back in the account.
What really needs to be filled is the hole in the balance sheet.
The $5 billion worth of the same tokens can come from the exchange’s own inventory.
The rest has to be bought on the market with real money ⚠️
That’s why withdrawals can’t simply be switched back on all at once.
Security checks come first, followed by a phased reopening.
The 34-hour timeline isn’t about slow technology—it’s about lining up liquidity layer by layer.
There’s also a timeline:
The first proof-of-reserves snapshot will be completed within 12 hours.
The results will be published on November 2.
More technical findings are expected to be disclosed within 48 hours.
So far, there’s no evidence that private keys were leaked.
But investigators have found other points of entry besides the laptop initially suspected.
In my view, the key thing to watch isn’t when withdrawals resume.
It’s the proof of reserves due on November 2.
The 80% coverage figure is the company’s own claim; the snapshot is what can be verified.
If the snapshot shows a bigger shortfall than reported, the market will vote with its feet.
On the other hand, if the numbers add up, that’s when trust repair can truly begin.
Here’s my take:
In the short term, resumed withdrawals would be good news—but a phased reopening is itself a stress test.
Whether the exchange can handle a concentrated first wave of withdrawals will shape sentiment next week 📈
Don’t just focus on the amount the announcement says is covered. Watch how they make up the remaining 20%.
Let’s talk in the comments: do you think this proof of reserves will ease concerns?
When withdrawals resume, will you pull your assets out right away or leave them there? 👀
Every day, I bring you the latest in crypto security—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀
📢 ⏰ 消息群里第一时间说
In the early hours of October 31, the exchange issued its second security incident update.
Both co-CEOs signed the announcement, with the goal of beginning a phased resumption of withdrawals in about 34 hours,
provided all security checks are complete.
Unaffected services, including deposits, have continued operating normally.
The truly striking part is this line:
More than $6.34 billion in funds has been set aside,
including $5 billion worth of the same type of tokens that were stolen.
That covers about 80% of the affected amount.
The remaining shortfall is being purchased through market and over-the-counter channels.
Here’s what that means:
This isn’t as simple as saying, “We’ll cover everything.”
Of the $6.3 billion loss, about $3 billion has been frozen on-chain.
But frozen doesn’t mean back in the account.
What really needs to be filled is the hole in the balance sheet.
The $5 billion worth of the same tokens can come from the exchange’s own inventory.
The rest has to be bought on the market with real money ⚠️
That’s why withdrawals can’t simply be switched back on all at once.
Security checks come first, followed by a phased reopening.
The 34-hour timeline isn’t about slow technology—it’s about lining up liquidity layer by layer.
There’s also a timeline:
The first proof-of-reserves snapshot will be completed within 12 hours.
The results will be published on November 2.
More technical findings are expected to be disclosed within 48 hours.
So far, there’s no evidence that private keys were leaked.
But investigators have found other points of entry besides the laptop initially suspected.
In my view, the key thing to watch isn’t when withdrawals resume.
It’s the proof of reserves due on November 2.
The 80% coverage figure is the company’s own claim; the snapshot is what can be verified.
If the snapshot shows a bigger shortfall than reported, the market will vote with its feet.
On the other hand, if the numbers add up, that’s when trust repair can truly begin.
Here’s my take:
In the short term, resumed withdrawals would be good news—but a phased reopening is itself a stress test.
Whether the exchange can handle a concentrated first wave of withdrawals will shape sentiment next week 📈
Don’t just focus on the amount the announcement says is covered. Watch how they make up the remaining 20%.
Let’s talk in the comments: do you think this proof of reserves will ease concerns?
When withdrawals resume, will you pull your assets out right away or leave them there? 👀
Every day, I bring you the latest in crypto security—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀