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Binance Reports 90% Recovery Coverage After Security Incident
Binance has released Recovery Update #3 following its October 29 security incident.
Here are the key points:
🔹 Binance says 90% of the affected stolen assets are now covered.
🔹 BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are reported as 100% backed.
🔹 The remaining 10% involves less-liquid tokens that Binance is still working to acquire.
🔹 A new Proof of Reserves snapshot was taken on October 31.
🔹 Binance estimates the full zero-knowledge proof will be available by November 3.
🔹 Binance says it will absorb the financial impact rather than pass the losses to users.
Why does this matter?
This incident highlights three important lessons for the crypto industry:
Exchange security must remain a top priority.
Transparency and Proof of Reserves matter.
Investors should understand custody and platform risks.
💬 Community Question:
Do you think this recovery update will help rebuild trust in centralized crypto exchanges?
Share your thoughts below.
⚠️ Disclaimer: This is an informational update based on Binance's official announcement. It is not financial advice. Always do your own research.