🚨 BREAKING: Binance says it has replenished about 90% of the assets affected by its $6.3 billion hack, up from 80% a day earlier.
The ten biggest assets are now fully backed: BTC, ETH, BNB, SOL, XRP, USDT, USDC, USD1, RLUSD and ZEC. The remaining 10% is made up of smaller, less liquid tokens that Binance says take longer to buy, and it will keep purchasing them through market and over-the-counter trades.
The money came from three sources: a partial deployment of its SAFU emergency fund, a portion of its futures insurance fund, and company capital. Binance says it only used insurance fund balances above the required minimum, and it has committed to restoring SAFU to about $1 billion.
Binance also published a new proof-of-reserves snapshot, taken at 00:00 UTC on October 31. The full zero-knowledge proof needs 40 to 50 hours of computing time and is expected Tuesday, November 3.
Withdrawals are still planned to restart Sunday, November 1, in phases after security checks. Deposits and unaffected services have stayed up.
The caveat is that a proof of reserves shows assets at a single moment, and it's only as reliable as the liabilities side behind it. Users will be watching the order tokens reopen, Tuesday's proof, and whether that last 10% gets closed out.
For now, Binance is trying to rebuild trust faster than the hackers can drain it.
#Binance #CryptoHack #SAFU #ProofOfReserves #Crypto @Binance Announcement @CZ
The ten biggest assets are now fully backed: BTC, ETH, BNB, SOL, XRP, USDT, USDC, USD1, RLUSD and ZEC. The remaining 10% is made up of smaller, less liquid tokens that Binance says take longer to buy, and it will keep purchasing them through market and over-the-counter trades.
The money came from three sources: a partial deployment of its SAFU emergency fund, a portion of its futures insurance fund, and company capital. Binance says it only used insurance fund balances above the required minimum, and it has committed to restoring SAFU to about $1 billion.
Binance also published a new proof-of-reserves snapshot, taken at 00:00 UTC on October 31. The full zero-knowledge proof needs 40 to 50 hours of computing time and is expected Tuesday, November 3.
Withdrawals are still planned to restart Sunday, November 1, in phases after security checks. Deposits and unaffected services have stayed up.
The caveat is that a proof of reserves shows assets at a single moment, and it's only as reliable as the liabilities side behind it. Users will be watching the order tokens reopen, Tuesday's proof, and whether that last 10% gets closed out.
For now, Binance is trying to rebuild trust faster than the hackers can drain it.
#Binance #CryptoHack #SAFU #ProofOfReserves #Crypto @Binance Announcement @CZ
