A week after the $6.3 billion hack, Binance has reopened withdrawals for dozens of assets at once — and this time, there’s proof of reserves users can verify themselves.
The facts: the second phase of withdrawal recovery began at 04:00 UTC on Nov. 3 (Binance’s sixth recovery announcement, late on Nov. 2): more than 100 asset-network pairs across 9 networks — BSC, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base. On Ethereum, 34 assets (including LINK, SHIB, ONDO, ENA, USDE, PENDLE, WLD, QNT); on Solana, 23 assets (including PUMP, RENDER, JUP, PYTH, BONK, ORCA, WIF, TRUMP). Assets are being reopened gradually after passing security checks, not all at once. At the same time, zero-knowledge proof of reserves for the Oct. 31 snapshot officially went live: holders of 10 major tokens (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, ZEC) can verify for themselves that their balances are backed at a minimum 1:1 ratio. Binance says around 95% of affected assets had been replaced as of Nov. 1; the next snapshot is scheduled for Nov. 4, with proof generation taking around 40–50 hours.
My take: the most important thing here isn’t the list of assets, but the sequence — withdrawals are reopening gradually while proof of reserves is being published. That’s how you rebuild trust in a way people can verify, rather than just announcing it. But there are still limits: reopening withdrawals doesn’t mean the investigation is over, and the remaining roughly 5% — less-liquid tokens — are still waiting their turn. With BTC around $78,378 today, the market seems to be reading this recovery as reassuring news, not a trigger for a rally.
What I’m watching: the Nov. 4 snapshot and its proof of reserves, the next phase for less-liquid tokens, and the independent review of the incident that Binance promised.
What do you think: is this self-verifiable proof of reserves enough to restore trust, or is the market still waiting for a full independent audit?
This is my analysis, not financial advice — always DYOR.
#Binance #KeamananCrypto $BTC $ETH
The facts: the second phase of withdrawal recovery began at 04:00 UTC on Nov. 3 (Binance’s sixth recovery announcement, late on Nov. 2): more than 100 asset-network pairs across 9 networks — BSC, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base. On Ethereum, 34 assets (including LINK, SHIB, ONDO, ENA, USDE, PENDLE, WLD, QNT); on Solana, 23 assets (including PUMP, RENDER, JUP, PYTH, BONK, ORCA, WIF, TRUMP). Assets are being reopened gradually after passing security checks, not all at once. At the same time, zero-knowledge proof of reserves for the Oct. 31 snapshot officially went live: holders of 10 major tokens (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, ZEC) can verify for themselves that their balances are backed at a minimum 1:1 ratio. Binance says around 95% of affected assets had been replaced as of Nov. 1; the next snapshot is scheduled for Nov. 4, with proof generation taking around 40–50 hours.
My take: the most important thing here isn’t the list of assets, but the sequence — withdrawals are reopening gradually while proof of reserves is being published. That’s how you rebuild trust in a way people can verify, rather than just announcing it. But there are still limits: reopening withdrawals doesn’t mean the investigation is over, and the remaining roughly 5% — less-liquid tokens — are still waiting their turn. With BTC around $78,378 today, the market seems to be reading this recovery as reassuring news, not a trigger for a rally.
What I’m watching: the Nov. 4 snapshot and its proof of reserves, the next phase for less-liquid tokens, and the independent review of the incident that Binance promised.
What do you think: is this self-verifiable proof of reserves enough to restore trust, or is the market still waiting for a full independent audit?
This is my analysis, not financial advice — always DYOR.
#Binance #KeamananCrypto $BTC $ETH