Binance Says It Covered Assets Hit By Breach And Publishes Reserve Snapshot
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.
Source: Binance's official recovery and reserves update.
Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment