#BinanceReopensWithdrawalsForMoreAssets
Reopening is the easy part. Proving solvency is the test.
Binance restored withdrawals for 51 more tokens across Ethereum and Solana, including LINK, SHIB, ONDO, BONK and TRUMP. That follows the first phase on November 1, after the $6.3B hack.
My take:
• The phased approach is correct. Reopening everything at once would invite a run and sloppy security checks. Slow and staged is the right call.
• Reopening is not proof of solvency. Binance says it has replenished about 95% of the stolen value, and that figure is self-reported. The remaining 5% is the illiquid long tail, which is the hardest part to source.
• Proof of Reserves covers only 10 tokens so far. Everything outside that set is taken on trust until the next snapshot lands.
• Watch the outflows. A $3.6B net outflow on day one was 2.1% of assets, which is stress, not a bank run. If it stays orderly, confidence holds.
Don't judge Binance by how fast the withdrawal toggles flip. Judge it by whether reserve verification expands to every asset it holds.
Reopening is the easy part. Proving solvency is the test.
Binance restored withdrawals for 51 more tokens across Ethereum and Solana, including LINK, SHIB, ONDO, BONK and TRUMP. That follows the first phase on November 1, after the $6.3B hack.
My take:
• The phased approach is correct. Reopening everything at once would invite a run and sloppy security checks. Slow and staged is the right call.
• Reopening is not proof of solvency. Binance says it has replenished about 95% of the stolen value, and that figure is self-reported. The remaining 5% is the illiquid long tail, which is the hardest part to source.
• Proof of Reserves covers only 10 tokens so far. Everything outside that set is taken on trust until the next snapshot lands.
• Watch the outflows. A $3.6B net outflow on day one was 2.1% of assets, which is stress, not a bank run. If it stays orderly, confidence holds.
Don't judge Binance by how fast the withdrawal toggles flip. Judge it by whether reserve verification expands to every asset it holds.