Add as a preferred source on GoogleBinance Completes Zero-Knowledge Proof for Oct. 31 Reserve Snapshot
The exchange says about 95% of assets affected by the security incident have been replenished; more withdrawals are planned in stages Tuesday.
Binance has completed a zero-knowledge proof for its Oct. 31 reserve snapshot, allowing users to verify that balances in 10 named tokens are backed at least 1:1.
The exchange said Monday it has replenished about 95% of the assets affected by the security incident. The remaining 5% involves tokens outside the 10 named assets that Binance described as less liquid and slower to acquire in the required quantities.
The snapshot was taken at 8 p.m. ET Friday, Oct. 30 (00:00 UTC Oct. 31). Binance’s reserve tool lets holders of the 10 tokens check that their own balances meet the minimum coverage ratio.
Binance said it will absorb losses from the stolen funds rather than pass them to users. It plans to roll out withdrawals for additional networks and assets in stages Tuesday, Nov. 3. A broader reserve snapshot is planned for Wednesday, Nov. 4, and the exchange estimates the proof for that update will take 40 to 50 hours to generate.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.