Binance’s official website posted an announcement just after midnight today, and its official account reposted it at around 00:49 Beijing time: Binance said it had completed replenishing the funds for assets affected by this security incident and released a new Proof of Reserves snapshot.
【Somewhat bullish】The completed replenishment and release of the snapshot are tangible signs of progress. But don’t take that to mean “users can verify it themselves now” or “withdrawals are fully open.” The announcement is clear: the snapshot was taken at 08:00 Beijing time on November 12 (UTC 11-12 00:00) and covers 198 tokens. The full zero-knowledge proof will take another 40 to 50 hours or so to generate. Once it’s ready, users holding affected tokens will be able to verify for themselves whether the backing is at least 1:1. Withdrawals are still being restored in phases, and the announcement gives no new specific list or timeline.
After the incident, Binance had pledged to commit more than $6.34 billion and said it would replenish the Secure Asset Fund for Users to around $1 billion. That was a previous commitment, not a new figure announced today; I’m mentioning it only as background.
At the time of writing, Bitcoin was around 71,306 (down about 3.5% over 24 hours); at 07:23 this morning it was at 71,113.06. ETH was around 2,016 (down about 1.8% over 24 hours); at 22:28 last night it was at 1,983.82. The market didn’t immediately turn bullish after the announcement.
The morning divination produced Water over Fire, After Completion: Kan above, Li below, with the third yang line changing. In plain English, After Completion means things are starting to fall into place, but it’s not time to let your guard down. Water above and fire below feels like one part of this situation has been dealt with; the third line is also a reminder that it took time to get this far, and the danger is feeling reassured as soon as you see a result. I’m inclined to watch two things first: whether the zero-knowledge proof comes out in the next couple of days as Binance says, and whether there’s a concrete new list of withdrawal updates. Don’t translate “replenishment complete” directly into “time to add to your position.”
Do you think the completed replenishment and snapshot are enough to breathe a sigh of relief, or would you rather wait for the zero-knowledge proof and withdrawal list to confirm? Share your thoughts in the comments.
Follow me for updates.
$BTC $ETH $BNB
Personal opinion, not investment advice
【Somewhat bullish】The completed replenishment and release of the snapshot are tangible signs of progress. But don’t take that to mean “users can verify it themselves now” or “withdrawals are fully open.” The announcement is clear: the snapshot was taken at 08:00 Beijing time on November 12 (UTC 11-12 00:00) and covers 198 tokens. The full zero-knowledge proof will take another 40 to 50 hours or so to generate. Once it’s ready, users holding affected tokens will be able to verify for themselves whether the backing is at least 1:1. Withdrawals are still being restored in phases, and the announcement gives no new specific list or timeline.
After the incident, Binance had pledged to commit more than $6.34 billion and said it would replenish the Secure Asset Fund for Users to around $1 billion. That was a previous commitment, not a new figure announced today; I’m mentioning it only as background.
At the time of writing, Bitcoin was around 71,306 (down about 3.5% over 24 hours); at 07:23 this morning it was at 71,113.06. ETH was around 2,016 (down about 1.8% over 24 hours); at 22:28 last night it was at 1,983.82. The market didn’t immediately turn bullish after the announcement.
The morning divination produced Water over Fire, After Completion: Kan above, Li below, with the third yang line changing. In plain English, After Completion means things are starting to fall into place, but it’s not time to let your guard down. Water above and fire below feels like one part of this situation has been dealt with; the third line is also a reminder that it took time to get this far, and the danger is feeling reassured as soon as you see a result. I’m inclined to watch two things first: whether the zero-knowledge proof comes out in the next couple of days as Binance says, and whether there’s a concrete new list of withdrawal updates. Don’t translate “replenishment complete” directly into “time to add to your position.”
Do you think the completed replenishment and snapshot are enough to breathe a sigh of relief, or would you rather wait for the zero-knowledge proof and withdrawal list to confirm? Share your thoughts in the comments.
Follow me for updates.
$BTC $ETH $BNB
Personal opinion, not investment advice
