Add as a preferred source on GoogleBinance CEO 何一 Says It Is Buying Assets to Match Stolen Altcoins for Proof of Reserves
The purchases are underway through OTC transactions and exchange markets. Binance plans to share another update when they are complete.
Binance is buying assets matching every altcoin described as stolen to complete the exchange's proof of reserves, CEO 何一 said in an Oct. 30 post.
Purchases are moving through over-the-counter (OTC) transactions and trades on exchange markets. 何一 said Binance will share more information after the buying is complete. The post described the target as matching all of the stolen altcoins; the acquisitions were still in progress at the time of the announcement.
The post also characterized the SAFU fund and Binance's own holdings as containing substantial amounts of Bitcoin (BTC), Ether (ETH) and other assets. It did not give a purchase total, list the individual altcoins or provide a completion date.
The next stated step is completion of the purchases, followed by Binance's promised update. That sequence keeps the proof-of-reserves work tied to completion of the asset matching, with no calendar date specified by 何一 in the post.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.