Binance just issued its second security update, raising compensation from about 80% yesterday to 90%.
Let’s break down the numbers: Binance has transferred $6.34 billion in its own corporate funds into the user fund pool, including $5 billion used to replenish affected assets directly in their original form. The top 10 assets—BTC, ETH, USDT, BNB, $SOL , USDC, XRP, USD1, RLUSD, and ZEC—now all have 100% reserve coverage.
The remaining 10% consists mainly of less liquid, long-tail altcoins, which are being bought back in batches on exchanges and through OTC trades.
Two things are worth noting:
First, the new Proof of Reserves (PoR) snapshot as of 00:00 UTC on October 31 has been completed. The full set of zk-SNARK zero-knowledge proofs is expected to be generated on November 3, when holders of these 10 assets will be able to independently verify the 1:1 coverage on-chain.
Second, the withdrawal resumption timeline is set for within about 34 hours, with a phased restart targeted for Sunday, November 1.
With $6.3 billion in losses and $6.34 billion transferred, and the major assets fully replenished, this speed of delivery has indeed addressed the most extreme risk of a bank run. But the real final exam is still the zk proof on November 3. We’ll see then whether the numbers add up mathematically.
Let’s break down the numbers: Binance has transferred $6.34 billion in its own corporate funds into the user fund pool, including $5 billion used to replenish affected assets directly in their original form. The top 10 assets—BTC, ETH, USDT, BNB, $SOL , USDC, XRP, USD1, RLUSD, and ZEC—now all have 100% reserve coverage.
The remaining 10% consists mainly of less liquid, long-tail altcoins, which are being bought back in batches on exchanges and through OTC trades.
Two things are worth noting:
First, the new Proof of Reserves (PoR) snapshot as of 00:00 UTC on October 31 has been completed. The full set of zk-SNARK zero-knowledge proofs is expected to be generated on November 3, when holders of these 10 assets will be able to independently verify the 1:1 coverage on-chain.
Second, the withdrawal resumption timeline is set for within about 34 hours, with a phased restart targeted for Sunday, November 1.
With $6.3 billion in losses and $6.34 billion transferred, and the major assets fully replenished, this speed of delivery has indeed addressed the most extreme risk of a bank run. But the real final exam is still the zk proof on November 3. We’ll see then whether the numbers add up mathematically.
