Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill
By Unchained
AI summary of the source article
Binance stated it has fully covered assets impacted in its Oct. 29 hack using company funds. Its Proof of Reserves snapshot showed reserve ratios above 100% across major tokens, including 1.06 billion more USDT than customer balances.
Why it matters
Binance stated it "would absorb the loss rather than pass it to users" and noted that "once the zero-knowledge proof is generated, users will be able to confirm their assets are backed at a minimum of 1:1."
Key facts
- Binance replenished affected assets using its own funds following an Oct. 29 hack involving about $6.34 billion in digital assets.
- A Proof of Reserves snapshot showed reserve ratios of 100.05% for bitcoin, 100.02% for ether, and 104.34% for USDT.
- About $2.85 billion of the stolen assets had been frozen or intercepted, subject to verification.
Source excerpt · Unchained
Binance's reserve page now shows about 1.06 billion more USDT in its onchain wallet balance than customers' net balances, but the proof that would let users verify their assets are fully backed isn't out yet. The post Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill appeared first on Unchained .