💸️Binance states that it has returned 90% of the assets stolen in a security incident, undertakes to cover all losses with the company's funds and assures users that they will not be financially affected.
Major updates:
- 90% recovered: Binance has covered 90% of the affected assets, compared to about 80% in its previous update.
- Fully backed major cryptocurrencies: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC reached 100% coverage.
- The remaining 10%: The outstanding assets include less liquid tokens that Binance continues to acquire through market and over-the-counter (OTC) channels.
- Sources of funding: Renewal involves a partial deployment of Binance's Secured Assets Fund for Users (SAFU), part of its insurance fund for the future, and the company's own treasury. - SAFU restoration: Binance pledges to replenish its emergency reserve of about $1 billion after using part of it to cover the stolen assets.
- Proof of Reserves: Binance released a new snapshot dated October 31st, with full zero-knowledge proof expected by November 3rd, allowing eligible users to independently verify that their assets are backed up at least 1:1.
- Withdrawals: Binance says it remains on track to resume withdrawal services on Sunday, November 1, with more details to follow.
The exchange reiterates that it will absorb the financial impact of the stolen funds instead of passing the losses on to the users.