$BTC The proof of reserves story has taken another turn.
In my 9 p.m. post, I’d just said it was pushed back to Tuesday. Then Binance published the verification results on Monday night.
That was a pretty quick reversal—I’ll own it. The latest timeline is the one that counts.
A few key points from Cointelegraph’s report, published at 9:21 p.m. Beijing time:
Binance says users can now verify their balances against Saturday’s snapshot. The cryptographic proof is ready.
The 10 assets in the snapshot, including BTC, ETH and USDT, are all backed at a ratio of at least 1:1.
Binance also disclosed details about its SAFU emergency wallet: it transferred out 7,499 BTC on Saturday and now has about 7,500 BTC left in the wallet, worth around $583 million. It previously held about 15,000 BTC, so that’s roughly half.
The next snapshot is scheduled for Wednesday and will cover more assets. Generating the proof will take another 40–50 hours.
So the “wait until Tuesday” claim in my 9 p.m. post is outdated—the proof is already available to verify.
That said, being able to verify 10 assets doesn’t mean the whole picture is complete. We’ll have to wait for Wednesday’s snapshot to see the remaining smaller assets and the second batch of withdrawals.
The midterm election vote count begins tomorrow. Based on what Binance said today, the second phase of its resumption will also roll out starting tomorrow, but it hasn’t provided the full list yet.
I’m still not betting on a direction tonight. First, let’s see whether the market accepts the proof.
If you have funds on Binance, you can go verify your balance first and get a clearer picture.
Personal analysis, not investment advice.
#BinanceProofOfReservesReleasedEarly
In my 9 p.m. post, I’d just said it was pushed back to Tuesday. Then Binance published the verification results on Monday night.
That was a pretty quick reversal—I’ll own it. The latest timeline is the one that counts.
A few key points from Cointelegraph’s report, published at 9:21 p.m. Beijing time:
Binance says users can now verify their balances against Saturday’s snapshot. The cryptographic proof is ready.
The 10 assets in the snapshot, including BTC, ETH and USDT, are all backed at a ratio of at least 1:1.
Binance also disclosed details about its SAFU emergency wallet: it transferred out 7,499 BTC on Saturday and now has about 7,500 BTC left in the wallet, worth around $583 million. It previously held about 15,000 BTC, so that’s roughly half.
The next snapshot is scheduled for Wednesday and will cover more assets. Generating the proof will take another 40–50 hours.
So the “wait until Tuesday” claim in my 9 p.m. post is outdated—the proof is already available to verify.
That said, being able to verify 10 assets doesn’t mean the whole picture is complete. We’ll have to wait for Wednesday’s snapshot to see the remaining smaller assets and the second batch of withdrawals.
The midterm election vote count begins tomorrow. Based on what Binance said today, the second phase of its resumption will also roll out starting tomorrow, but it hasn’t provided the full list yet.
I’m still not betting on a direction tonight. First, let’s see whether the market accepts the proof.
If you have funds on Binance, you can go verify your balance first and get a clearer picture.
Personal analysis, not investment advice.
#BinanceProofOfReservesReleasedEarly