Binance says it has replenished around 90% of the assets affected by the 29/10 hack, up from the 80% announced the previous day. Ten assets are now 100% covered: $BTC , $ETH , $BNB , SOL, XRP, USDT, USDC, USD1, RLUSD and ZEC (Binance update on 31/10, reported by TechFlow and TokenPost).
The timeline, in order:
29/10, 20:05 UTC: outflows begin, totaling around $6.3 billion across ten blockchains, according to TRM Labs. Withdrawals suspended, deposits maintained.
30/10: around $3 billion frozen on-chain, mostly by Tether and Circle. Binance sets aside more than $6.34 billion, including $5 billion already held in the affected tokens. Coverage announced at around 80%.
31/10, 00:00 UTC: new Proof of Reserves snapshot. During the day, coverage rises to around 90%. The remaining 10% consists of other, less liquid tokens, which take longer to buy back. The portion funded by the SAFU fund is expected to be completed within 24 hours, with a commitment to replenish it to around $1 billion.
What’s next: phased resumption of withdrawals targeted for Sunday 1/11, with details still to be confirmed. The full zero-knowledge proof is expected on 3/11 (UTC).
My take: for the major assets, the question of coverage is largely settled on paper. ETH, which was exactly at 100.00% in the 1/10 snapshot, is among the assets announced as 100% covered. The focus now shifts to the list of tokens in the remaining 10%, and then to the first day of withdrawals. Orderly outflows, with no further pause, would validate the messaging. A postponed resumption, or a 3/11 proof that doesn’t match the announced 100% coverage, would revive distrust.
Calm market: BTC around $77,600, ETH around $2,250 at 14:50 UTC (Binance spot), BNB +1.4% over 24 hours.
On Sunday, will you test a small withdrawal as soon as it opens, or wait for the 3/11 proof?
#Binance #ProofOfReserves #SAFU
The timeline, in order:
29/10, 20:05 UTC: outflows begin, totaling around $6.3 billion across ten blockchains, according to TRM Labs. Withdrawals suspended, deposits maintained.
30/10: around $3 billion frozen on-chain, mostly by Tether and Circle. Binance sets aside more than $6.34 billion, including $5 billion already held in the affected tokens. Coverage announced at around 80%.
31/10, 00:00 UTC: new Proof of Reserves snapshot. During the day, coverage rises to around 90%. The remaining 10% consists of other, less liquid tokens, which take longer to buy back. The portion funded by the SAFU fund is expected to be completed within 24 hours, with a commitment to replenish it to around $1 billion.
What’s next: phased resumption of withdrawals targeted for Sunday 1/11, with details still to be confirmed. The full zero-knowledge proof is expected on 3/11 (UTC).
My take: for the major assets, the question of coverage is largely settled on paper. ETH, which was exactly at 100.00% in the 1/10 snapshot, is among the assets announced as 100% covered. The focus now shifts to the list of tokens in the remaining 10%, and then to the first day of withdrawals. Orderly outflows, with no further pause, would validate the messaging. A postponed resumption, or a 3/11 proof that doesn’t match the announced 100% coverage, would revive distrust.
Calm market: BTC around $77,600, ETH around $2,250 at 14:50 UTC (Binance spot), BNB +1.4% over 24 hours.
On Sunday, will you test a small withdrawal as soon as it opens, or wait for the 3/11 proof?
#Binance #ProofOfReserves #SAFU
