Binance Says $6.3B Hack Assets Covered, Reserve Proof Pending
The exchange said it used SAFU, futures insurance and corporate treasury funds, while a zero-knowledge proof for independent verification is still pending.
- On Thursday, Binance announced it has fully covered user assets affected by The October hack, publishing a new PoR snapshot while awaiting the accompanying zero-knowledge proof.
- Binance funded the recovery using the Secure Asset Fund for Users, Futures Insurance Funds, and corporate treasury, committing to restore the emergency reserve to approximately $1 billion.
- A Nov 4 snapshot expanded coverage to 44 tokens, allowing Customers to verify 1:1 backing once Binance generates the proof, estimated at 60 hours of computing work.
- Following the attack, Santiment recorded approximately 28,316 BTC leaving Binance-associated wallets through Nov 5, while Binance reported roughly $3.64 billion in net outflows during initial reopening hours.
- In the United States, the PCAOB Investor Advocate warns that PoR engagements fall outside audit standards and cannot confirm whether assets remain available after a snapshot.
53 Articles
53 Articles
Binance logo. Given Ruvic/Reuters Binance, the world's largest cryptocurrency broker, said on Friday (13) that it completed the coverage of assets affected by the hacker attack that diverted $6.3 billion (about R$34 billion) from the platform. "Thanks for patience and understanding," the company wrote. The company also released a new update of its reserves to allow customers to check if the values held in the broker are fully guaranteed.
Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill
Binance said on Nov. 12 it has finished covering all assets hit in its Oct. 29 hack, though customers can’t yet check that for themselves. “Binance has completed coverage of assets impacted in the security incident and we have published a new Proof of Reserves snapshot,” the exchange wrote on X. Binance’s Yi He reposted the statement with a one-word caption: “100%.” Customers can’t verify that claim on their own yet. Binance said that “once the …
The Korea Times
korean-vibe.comBinance says all asset losses from N. Korea-linked cyberattack covered
WASHINGTON — Global cryptocurrency exchange Binance said Thursday it has completed covering assets affected by a massive cyberattack blamed on Nort...
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