Binance Publishes Zero-Knowledge Reserve Proof for BTC, ETH and 8 Other Tokens After Hack
By Unchained
AI summary of the source article
Binance has published a zero-knowledge proof-of-reserves snapshot for 10 tokens following an Oct. 29 hack that drained over $6.3 billion from its hot wallets. The exchange pledged to absorb all losses, setting aside more than $6.34 billion.
Why it matters
Binance stated that "Binance will absorb the financial impact of the stolen funds, not our users" and "with the generated proof, the backed portion of that commitment is now publicly verifiable."
Key facts
- Attackers drained more than $6.3 billion from Binance hot wallets on Oct. 29 across multiple blockchains.
- Binance completed a zero-knowledge proof for an Oct. 31 snapshot covering 10 tokens backed at least 1:1.
- Binance pledged to absorb the losses using company money and its SAFU fund, setting aside over $6.34 billion.
Source excerpt · Unchained
A new snapshot covering more tokens is set for Nov. 4, while the exchange says the last 5% of affected funds sits in less liquid assets. The post Binance Publishes Zero-Knowledge Reserve Proof for BTC, ETH and 8 Other Tokens After Hack appeared first on Unchained .