Binance Says It Has Fully Covered the $6.34 Billion Hack With Company Funds
By Micah Zimmerman
AI summary of the source article
Binance announced it has fully covered the $6.34 billion October 29 hack using company funds. The exchange released an updated proof-of-reserves snapshot covering 198 tokens, while withdrawals continue to be restored in phases.
Why it matters
Binance committed to replenishing SAFU to about $1 billion, "a step it said would keep the fund fully resourced as an emergency user-protection reserve."
Key facts
- Binance committed over $6.34 billion from its corporate treasury, SAFU, and futures insurance fund to replace affected assets.
- A November 12 proof-of-reserves snapshot covers 198 tokens, with full zero-knowledge proof generation estimated to take 40 to 50 hours.
- Binance committed to replenishing its SAFU fund back to approximately $1 billion.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Binance Says It Has Fully Covered the $6.34 Billion Hack With Company Funds The exchange says users are whole after the Oct. 29 theft, paid for from SAFU, its futures insurance fund and treasury, and has published a 198-token proof-of-reserves snapshot that users cannot yet independently verify. This post Binance Says It Has Fully Covered the $6.34 Billion Hack With Company Funds…