Binance says it has fully covered assets lost in its October hack, but users cannot yet verify this
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What happened
Binance's Proof of Reserves page, viewed on 13 November, shows reserve ratios of 100.05% for BTC, 100.02% for ETH and 104.34% for USDT. By Unchained's calculation, the USDT onchain balance exceeds net account balances by about 1.06 billion, including roughly 306.7 million held by third-party custodians. Binance says the affected assets were replenished from its own funds and that it will absorb the loss. The zero-knowledge proof for the new snapshot has not yet been generated, and no date has been given. Binance earlier estimated 40 to 50 hours for the proof, and about $2.85 billion of the roughly $6.34 billion stolen was said to be frozen or intercepted, unverified.
For experienced traders · Written by AI from 1 source · Wrong?
What to do
- Watch for Binance to publish the zero-knowledge proof, since users cannot yet verify their balances independently.
- Check whether any holdings you have on Binance are affected, based on Binance's published snapshots.
Written by AI from the sources, checked against them
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