Binance: Approximately 90% of Affected Assets Replenished; Proof of Reserves Snapshot Published
On October 31, according to an official announcement, Binance said the proportion of stolen assets replenished had risen from approximately 80% to 90%. The company had previously set aside more than $6.34 billion in its own funds to cover losses caused by the security incident. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now all backed by 100% reserves.
The replenishment funds came from a portion of the SAFU user asset protection fund, a portion of the contract insurance fund, and the company’s own funds. The remaining balance of the contract insurance fund is being retained as required by regulators. The approximately 10% of assets not yet replenished are tokens other than the 10 listed above. Because their liquidity is relatively low, it may take longer to acquire the required quantities. Binance is continuing to make purchases through market and OTC channels.
A new Proof of Reserves (PoR) snapshot was completed at 08:00 Beijing time on October 31, and the relevant data has been updated on the official website. Binance said generating the zero-knowledge proofs is expected to take 40 to 50 hours, with the complete proof expected to be available on November 3 (UTC). Holders of the 10 tokens listed above will then be able to independently verify whether their assets are backed by at least 1:1 reserves.
Binance reiterated that it will bear the full financial losses resulting from the theft, rather than passing them on to users. Work to restore withdrawal services is proceeding as planned and is expected to be completed on November 1. Further details will be announced once the arrangements are confirmed.
On October 31, according to an official announcement, Binance said the proportion of stolen assets replenished had risen from approximately 80% to 90%. The company had previously set aside more than $6.34 billion in its own funds to cover losses caused by the security incident. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now all backed by 100% reserves.
The replenishment funds came from a portion of the SAFU user asset protection fund, a portion of the contract insurance fund, and the company’s own funds. The remaining balance of the contract insurance fund is being retained as required by regulators. The approximately 10% of assets not yet replenished are tokens other than the 10 listed above. Because their liquidity is relatively low, it may take longer to acquire the required quantities. Binance is continuing to make purchases through market and OTC channels.
A new Proof of Reserves (PoR) snapshot was completed at 08:00 Beijing time on October 31, and the relevant data has been updated on the official website. Binance said generating the zero-knowledge proofs is expected to take 40 to 50 hours, with the complete proof expected to be available on November 3 (UTC). Holders of the 10 tokens listed above will then be able to independently verify whether their assets are backed by at least 1:1 reserves.
Binance reiterated that it will bear the full financial losses resulting from the theft, rather than passing them on to users. Work to restore withdrawal services is proceeding as planned and is expected to be completed on November 1. Further details will be announced once the arrangements are confirmed.