Add as a preferred source on GoogleBinance Completes 1:1 Reserve Proof for 10 Tokens After $6.3B Hack
Binance said about 95% of the incident’s affected amount had been replenished, while less-liquid tokens outside the proof were still being acquired.
Binance completed a zero-knowledge reserve proof covering 10 tokens, giving users a way to check whether balances were backed at least 1:1 in a snapshot taken after the exchange’s Oct. 29 security incident.
Binance’s proof applies to a snapshot recorded at 8 p.m. ET Oct. 30 (00:00 UTC Oct. 31). Bitcoin (BTC), Ether (ETH) and Tether (USDT) are among the covered tokens; users can run a verification tool against the snapshot data.
The exchange estimated that compromised hot wallets caused about $6.3 billion in token-asset losses at 4:05 p.m. ET Oct. 29 (20:05 UTC). As of its Nov. 2 update, Binance said it had replenished about 95% of the affected amount. The remaining 5% consists of less-liquid tokens outside the 10 covered by the proof, which Binance was still acquiring with industry partners.
Binance plans another reserve snapshot covering more tokens on Nov. 4 and estimates generating the next proof will take about 40 to 50 hours.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.