The ten assets most held by customers are now claimed to be fully backed — one day before withdrawals begin reopening gradually.
Facts: Binance confirmed on Oct. 31 that its customers’ 10 most-held assets are now 100% backed: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC (CryptoBriefing, Oct. 31; confirmed by BBX on Oct. 31). Around 90% of the total impact of the incident has already been recovered through the SAFU fund and company funds; the remaining roughly 10% — mostly less liquid tokens — is still being repurchased on the market and OTC. A new Proof of Reserves snapshot was taken on Oct. 31, with complete verification using zk-SNARKs and a Merkle tree to follow on Nov. 3. Withdrawals will gradually reopen starting Nov. 1, one token at a time.
My take: this is a real recovery milestone, but I see it as a claim that is still waiting for proof. The Oct. 31 claim is a statement; the Nov. 3 proof is what customers can verify for themselves. BTC is still around $77,400 tonight — the market isn’t celebrating, and I think that’s reasonable: trust is restored through withdrawals actually flowing, not through announcements.
What I’m watching next: the order in which tokens are reopened starting tomorrow, the Nov. 3 proof, and whether that remaining 10% is truly covered.
Do you think the Nov. 3 proof will be enough to restore confidence, or does the market need to see withdrawals operating normally first?
This is my analysis, not financial advice — always DYOR.
#Binance #ProofOfReserves $BTC
Facts: Binance confirmed on Oct. 31 that its customers’ 10 most-held assets are now 100% backed: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC (CryptoBriefing, Oct. 31; confirmed by BBX on Oct. 31). Around 90% of the total impact of the incident has already been recovered through the SAFU fund and company funds; the remaining roughly 10% — mostly less liquid tokens — is still being repurchased on the market and OTC. A new Proof of Reserves snapshot was taken on Oct. 31, with complete verification using zk-SNARKs and a Merkle tree to follow on Nov. 3. Withdrawals will gradually reopen starting Nov. 1, one token at a time.
My take: this is a real recovery milestone, but I see it as a claim that is still waiting for proof. The Oct. 31 claim is a statement; the Nov. 3 proof is what customers can verify for themselves. BTC is still around $77,400 tonight — the market isn’t celebrating, and I think that’s reasonable: trust is restored through withdrawals actually flowing, not through announcements.
What I’m watching next: the order in which tokens are reopened starting tomorrow, the Nov. 3 proof, and whether that remaining 10% is truly covered.
Do you think the Nov. 3 proof will be enough to restore confidence, or does the market need to see withdrawals operating normally first?
This is my analysis, not financial advice — always DYOR.
#Binance #ProofOfReserves $BTC