Binance replenishes 98% of assets stolen in breach and expands reserves proof
Binance announced it has replenished approximately 98% of the assets stolen during an Oct. 29 security breach, covering the incident using internal reserves while expanding its Proof of Reserves system to 44 tokens.
Binance has replenished approximately 98% of the crypto assets affected by its Oct. 29 security breach, according to the exchange's seventh recovery update. The incident was characterized by Crypto Briefing as a $6.3 billion hack. Binance stated that it will cover all losses itself rather than passing the cost to users, having already set aside more than 100% of the required funds from internal resources.[2][3]
The exchange explained that it is acquiring the final 2% of the affected tokens across open-market and over-the-counter channels. Those remaining purchases are expected to proceed more slowly because the assets involved have lower market liquidity.[1][2][3]
Alongside the asset replacement, Binance widened its Proof of Reserves program from 10 to 44 cryptocurrencies. A new snapshot was conducted on Nov. 4, and the exchange estimated that generating the updated zero-knowledge cryptographic proof will take 50 to 60 hours.[1][2][3]
Key facts
- Binance replenished approximately 98% of the crypto assets stolen during an Oct. 29 security breach.
- Binance set aside more than 100% of the funds needed to cover user losses from its own resources.
- Crypto Briefing reported that the security breach was a $6.3 billion hack.
- Binance is sourcing the remaining 2% of assets via market and over-the-counter channels, which will take longer due to lower token liquidity.
- Binance expanded its Proof of Reserves framework from 10 to 44 tokens.
- A new reserve snapshot was taken on Nov. 4, with zero-knowledge cryptographic verification expected to take 50 to 60 hours to complete.
Sources · 3 sources
- TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Binance confirms 98% of stolen crypto assets have now been replenished following the hack It has allocated the replacement from its own reserves, with the remaining 2% taking longer to replace due to lower token liquidity Binance has also expanded its Proof of Reserves coverage from 10 to 44 tokens, with a new snapshot taken on 4 November Full cryptographic verification is expected within 50–60 hours
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Binance has replenished approximately 98% of the assets affected by its Oct. 29 security breach and expanded its Proof of Reserves coverage to 44 tokens, up from 10, according to its latest recovery update. The exchange said it's acquiring the remaining 2% of assets through market and over-the-counter channels, with purchases taking longer due to lower liquidity, while the new zero-knowledge proof is expected to take 50 to 60 hours to generate.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🚨 UPDATE: Binance says it has replenished 98% of assets stolen in the $6.3B hack, with funds already allocated to cover 100% of losses. The exchange has also expanded its Proof of Reserves coverage from 10 to 44 cryptocurrencies, with full verification expected to take 50 to 60 hours.
Open source