Binance has narrowed the shortfall from 20% to 10%. What remains is tied up in assets, not money.
The October 31 update on asset replenishment following the security incident laid out the numbers. The replenishment rate has risen from the roughly 80% stated in the announcement to 90%, and ten tokens were named as having reached 100% full reserves: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. The roughly 10% still outstanding is all in assets outside these ten. The official explanation is that these assets are relatively illiquid and must continue to be bought up, one transaction at a time, from the market and over the counter. Based on losses of $6.34 billion, that 10% comes to about $634 million.
The announcement also spelled out where the money came from: three sources—a portion of the SAFU user asset protection fund, the amount in the contract insurance fund above regulatory requirements, and the company’s own funds. The remaining balance of the contract insurance fund will be retained as required by regulators.
The on-chain evidence is even more concrete. The announcement provided a BTC address for SAFU. At 14:48 UTC on October 31, 7,499 BTC were transferred from that address to another address. The receiving address has not sent out a single transaction since, and its balance remains at 7,500 BTC. At today’s price of $77,698, that is worth about $583 million, sitting there untouched. The money has not entered the market, which indirectly confirms that the bottleneck is on the counterparty side, not on the balance sheet.
The timeline has also changed. The previous announcement said the initial snapshot would be taken within 12 hours and the results published by November 2. This update set the snapshot time at 08:00 on October 31 (UTC+8). The zero-knowledge proof will take 40 to 50 hours to calculate, and the official target date for the full proof is November 3 (UTC). What can be confirmed today is only that the snapshot has been taken; you’ll have to wait until Tuesday to log in and verify it yourself. Anyone saying over these two days that the reserves have already been fully proven is talking about the snapshot, not the proof.
The thing to watch today is withdrawals. The announcement says they are expected to resume on November 1. Replenishment is a financial operation; withdrawals are an engineering operation. The former can be achieved by throwing money and people at it; the latter can only be made to work by getting the code right, line by line. SAFU has also pledged to replenish about $1 billion, but it will have the capacity to do that only after this turmoil has passed.
The 90% figure looks good, but all it proves is that Binance can afford to pay. When the remaining 10% is fully replenished and withdrawals actually reopen will show whether the system has truly been fixed.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #Bitcoin
The October 31 update on asset replenishment following the security incident laid out the numbers. The replenishment rate has risen from the roughly 80% stated in the announcement to 90%, and ten tokens were named as having reached 100% full reserves: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. The roughly 10% still outstanding is all in assets outside these ten. The official explanation is that these assets are relatively illiquid and must continue to be bought up, one transaction at a time, from the market and over the counter. Based on losses of $6.34 billion, that 10% comes to about $634 million.
The announcement also spelled out where the money came from: three sources—a portion of the SAFU user asset protection fund, the amount in the contract insurance fund above regulatory requirements, and the company’s own funds. The remaining balance of the contract insurance fund will be retained as required by regulators.
The on-chain evidence is even more concrete. The announcement provided a BTC address for SAFU. At 14:48 UTC on October 31, 7,499 BTC were transferred from that address to another address. The receiving address has not sent out a single transaction since, and its balance remains at 7,500 BTC. At today’s price of $77,698, that is worth about $583 million, sitting there untouched. The money has not entered the market, which indirectly confirms that the bottleneck is on the counterparty side, not on the balance sheet.
The timeline has also changed. The previous announcement said the initial snapshot would be taken within 12 hours and the results published by November 2. This update set the snapshot time at 08:00 on October 31 (UTC+8). The zero-knowledge proof will take 40 to 50 hours to calculate, and the official target date for the full proof is November 3 (UTC). What can be confirmed today is only that the snapshot has been taken; you’ll have to wait until Tuesday to log in and verify it yourself. Anyone saying over these two days that the reserves have already been fully proven is talking about the snapshot, not the proof.
The thing to watch today is withdrawals. The announcement says they are expected to resume on November 1. Replenishment is a financial operation; withdrawals are an engineering operation. The former can be achieved by throwing money and people at it; the latter can only be made to work by getting the code right, line by line. SAFU has also pledged to replenish about $1 billion, but it will have the capacity to do that only after this turmoil has passed.
The 90% figure looks good, but all it proves is that Binance can afford to pay. When the remaining 10% is fully replenished and withdrawals actually reopen will show whether the system has truly been fixed.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #Bitcoin