Cryptocurrency exchange Binance has released another report on the consequences of the recent security incident. The company has already covered approximately 95% of the affected funds with its own resources and completed the formation of zero-knowledge proof for 10 key assets.
Cryptocurrency exchange Binance has released another report on the consequences of the recent security incident. The company has already covered approximately 95% of the affected funds with its own resources and completed the formation of zero-knowledge proof for 10 key assets.
According to the official press release, crypto assets such as BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are currently fully collateralized at a ratio of at least 1:1. Platform users can now independently verify their balances through the updated Proof of Reserves (PoR) service as of October 31.
“Binance’s position remains unchanged: the company assumes the financial consequences of the incident, and does not shift them to users. Now the security of the already restored part of the assets can be independently verified by users,” the exchange’s press service emphasized.
The remaining 5% of the amount to be restored is for less liquid tokens. Binance explains that acquiring them in the required volumes requires additional time, so the company continues to actively cooperate with industry partners to buy back these assets.
Additionally, the exchange is gradually resuming withdrawals on additional networks and assets. The next phase of withdrawal unlocking is scheduled for today.
Binance also announced that they plan to take a new snapshot of reserves on November 4, which will cover a wider range of tokens. Processing and generating an updated zero-knowledge proof for it will take approximately 40 to 50 hours due to high computational workloads.
