Binance Releases Latest Update on the Major Hack – They Made the Anticipated Announcement

Binance announced it has completed the process of recovering cryptocurrency assets affected by the October 29th attack. The exchange allocated over $6.34 billion to cover losses and released a new reserve record covering 198 tokens. Withdrawals are gradually being reopened.

The exchange reported that it acquired the tokens lost after the attack through the open market and over-the-counter (OTC) transactions. The purchases were made using company funds, a portion of the Secured Asset Fund for Users (SAFU), and resources allocated from the futures insurance fund. According to Binance, the amount transferred from the futures fund was taken from the portion of the fund that exceeded the company’s required risk management level.

Binance has committed to replenishing the resources used, bringing the size of its emergency reserve SAFU back to approximately $1 billion. In its November 4th update, the exchange stated that it had covered approximately 98% of the affected assets.

Binance announced today that the new Proof of Reserves record, taken at 03:00 Turkish time, has been published. The preparation of this zero-knowledge proof, which allows users to check their own balances, is expected to take approximately 40 to 50 hours due to the computational load.

According to Binance, once this process is complete, users holding tokens affected by the attack will be able to verify that their balances are at least the exact equivalent through the reserve system.

Binance stated that it will continue to reopen withdrawals in stages and will announce new reopenings as they are finalized. The latest announcement did not provide a specific date for the remaining withdrawals.