It took four days to go from 90% to 98%, and eight days to go from 98% to completion. The slowest stretch of recovery is always that final little bit.
At 08:00 on November 12 (UTC+8), Binance completed a new Proof of Reserves snapshot covering 198 tokens. The previous round on November 4 covered only 44, and the round before that covered 10.
First, the money. The official estimated loss from the October 30 security incident was about $6.3 billion, while around $3 billion had already been frozen on-chain. The announcement on October 31 stated that more than $6.34 billion in company funds had been set aside to cover all stolen assets. In other words, the frozen funds were not used to cover the losses; the recovery was funded entirely by SAFU, the portion of the contract insurance fund exceeding risk management requirements, and company funds. Today’s announcement added that SAFU would be replenished to about $1 billion.
Next, the pace. Recovery reached 90% on October 31, 98% on November 4, and completion on November 12. Getting the top ten major coins to 100% on the first day was hardly a challenge; the remaining 2% was the sticking point. In its November 4 update, Binance explained why: the remaining tokens had low liquidity, so they had to be gradually accumulated on the market and over the counter.
Finally, when it can be verified. The snapshot was taken at 08:00 on November 12, and the complete zero-knowledge proof is expected to take another 40 to 50 hours. Users holding any token covered in this round will have to wait another two days before they can independently check whether their balances are at least 1:1 backed.
Put the three figures together and the picture is clear: $6.3 billion in losses, $3 billion frozen, and $6.34 billion committed to replenishment. The announcement lists these three things separately, without offsetting one against another. To judge whether an incident announcement carries weight, look at whether it gives the snapshot time, the number of assets covered, and the proof generation time all at once. This one does.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #SAFU
At 08:00 on November 12 (UTC+8), Binance completed a new Proof of Reserves snapshot covering 198 tokens. The previous round on November 4 covered only 44, and the round before that covered 10.
First, the money. The official estimated loss from the October 30 security incident was about $6.3 billion, while around $3 billion had already been frozen on-chain. The announcement on October 31 stated that more than $6.34 billion in company funds had been set aside to cover all stolen assets. In other words, the frozen funds were not used to cover the losses; the recovery was funded entirely by SAFU, the portion of the contract insurance fund exceeding risk management requirements, and company funds. Today’s announcement added that SAFU would be replenished to about $1 billion.
Next, the pace. Recovery reached 90% on October 31, 98% on November 4, and completion on November 12. Getting the top ten major coins to 100% on the first day was hardly a challenge; the remaining 2% was the sticking point. In its November 4 update, Binance explained why: the remaining tokens had low liquidity, so they had to be gradually accumulated on the market and over the counter.
Finally, when it can be verified. The snapshot was taken at 08:00 on November 12, and the complete zero-knowledge proof is expected to take another 40 to 50 hours. Users holding any token covered in this round will have to wait another two days before they can independently check whether their balances are at least 1:1 backed.
Put the three figures together and the picture is clear: $6.3 billion in losses, $3 billion frozen, and $6.34 billion committed to replenishment. The announcement lists these three things separately, without offsetting one against another. To judge whether an incident announcement carries weight, look at whether it gives the snapshot time, the number of assets covered, and the proof generation time all at once. This one does.
#中本聪国际社区Baoluo币商资本 #币安推出BinanceIntelligence #SAFU