Update #Binance has compensated for 90% of the assets affected by the hack!
The next two milestones to watch: reopening withdrawals and completing the reserve verification.
Expected milestones:
• 1/11: Gradual restoration of withdrawals.
• 3/11: Complete verification of the PoR data updated on 31/10.
The compensation rate has increased from 80% -> 90%.
- BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed at 100%.
The remainder consists mainly of low-liquidity tokens, and more time is needed to acquire enough of them.
Binance is using company funds, along with a portion of the SAFU fund and Futures insurance fund, to cover the losses.
The SAFU fund will subsequently be replenished to around $1 billion.
Stay SAFU
The next two milestones to watch: reopening withdrawals and completing the reserve verification.
Expected milestones:
• 1/11: Gradual restoration of withdrawals.
• 3/11: Complete verification of the PoR data updated on 31/10.
The compensation rate has increased from 80% -> 90%.
- BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed at 100%.
The remainder consists mainly of low-liquidity tokens, and more time is needed to acquire enough of them.
Binance is using company funds, along with a portion of the SAFU fund and Futures insurance fund, to cover the losses.
The SAFU fund will subsequently be replenished to around $1 billion.
Stay SAFU
