【Breaking】Binance expands Proof of Reserves to 44 tokens
Binance posted security incident recovery update #7 at 23:23: approximately 98% of the stolen assets have been replenished, and the company has set aside funds exceeding 100% of the stolen assets. The remaining approximately 2% must be bought back through public markets and OTC channels. These tokens have low liquidity, so the process will take longer.
The latest reserve snapshot was taken on November 4 at 00:00 (UTC), expanding coverage from 10 to 44 tokens. Generating the zero-knowledge proof is expected to take 50–60 hours. After that, users can independently verify whether the reserves are fully backed 1:1.
My take: the proof covering 44 tokens is the real test. We’ll only know whether smaller tokens have any shortfall once the proof is published.
BNB was trading at 715.5 on Binance at 23:31, up 2.27% over 24 hours. Volume picked up over the past hour, with trading value for the last 10 candles at 1.86 times the previous average, but the price action is still range-bound. If it pulls back below 700, watch for strong support at 690–695; if it holds above the previous high of 721.6, the top of the range may open up.
Do you think all 44 tokens will be fully backed?
Source: Binance announcement, Odaily
BNB #币安 #ProofOfReserves
📈 Top three contract gainers (23:31): $CLANKER +52.44%｜$CAP +24.98%｜$JCT +23.58%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
Binance posted security incident recovery update #7 at 23:23: approximately 98% of the stolen assets have been replenished, and the company has set aside funds exceeding 100% of the stolen assets. The remaining approximately 2% must be bought back through public markets and OTC channels. These tokens have low liquidity, so the process will take longer.
The latest reserve snapshot was taken on November 4 at 00:00 (UTC), expanding coverage from 10 to 44 tokens. Generating the zero-knowledge proof is expected to take 50–60 hours. After that, users can independently verify whether the reserves are fully backed 1:1.
My take: the proof covering 44 tokens is the real test. We’ll only know whether smaller tokens have any shortfall once the proof is published.
BNB was trading at 715.5 on Binance at 23:31, up 2.27% over 24 hours. Volume picked up over the past hour, with trading value for the last 10 candles at 1.86 times the previous average, but the price action is still range-bound. If it pulls back below 700, watch for strong support at 690–695; if it holds above the previous high of 721.6, the top of the range may open up.
Do you think all 44 tokens will be fully backed?
Source: Binance announcement, Odaily
BNB #币安 #ProofOfReserves
📈 Top three contract gainers (23:31): $CLANKER +52.44%｜$CAP +24.98%｜$JCT +23.58%
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
