Binance says it has finished covering assets affected by its security breach and has published a new proof-of-reserves snapshot covering 198 tokens. The exchange said it committed more than $
Binance says it has finished covering assets affected by its security breach and has published a new proof-of-reserves snapshot covering 198 tokens.
The exchange said it committed more than $6.34 billion of company funds. It sourced affected tokens through market and over-the-counter transactions, drawing on its corporate treasury, part of the Secure Asset Fund for Users (SAFU), and part of its futures insurance fund above its required level. Binance said it plans to restore SAFU to about $1 billion.
The reserve snapshot reflects balances as of 00:00 UTC on November 12. Binance said generating the full zero-knowledge proof would take about 40 to 50 hours. It said users holding affected tokens would then be able to verify that their balances were backed at least one-to-one.
Withdrawals are reopening in phases, according to Binance. The exchange said it would cover holders of affected tokens that it no longer supports through its delisting process.
In a November 13 email to users about the October 29 incident, the exchange directed customers with questions about affected tokens to its customer support. It also urged users to rely on official channels for updates and warned that it never asks for passwords, one-time verification codes or wallet recovery phrases.
Source: Binance’s official recovery and reserves update.
This article was originally published as Binance Says It Covered Assets Hit by Breach and Publishes Reserve Snapshot on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
