Binance has just announced that it has covered all losses from the October 29 hack — more than $6.34 billion — using company funds, following the largest crypto theft in history. The money came from the SAFU fund, part of the futures insurance fund, and corporate treasury; Binance pledged to replenish SAFU to around $1 billion.
The exchange also published a new snapshot of its reserves at 00:00 UTC on November 12, covering 198 tokens — far more than the 10 tokens in the previous snapshot. But generating the zero-knowledge proof takes 40–50 hours, so users still can’t independently verify the 1:1 backing.
And “covering the losses” doesn’t mean “recovering the funds”: the stolen coins have still not been recovered, and around $3 billion has only been frozen on-chain; the FBI has blamed North Korea’s TraderTraitor group.
Markets remain gripped by fear: BTC is around $71,500, the Fear & Greed Index is at 28, and only 19 of the top 100 coins are up. The biggest gainer is $M (MemeCore), up 3.47% in 24 hours to $0.8236.
Do you trust exchanges’ reserve commitments after this incident? 🤔
#CryptoNews #Binance #Bitcoin #MemeCore
This is market information, not investment advice.
The exchange also published a new snapshot of its reserves at 00:00 UTC on November 12, covering 198 tokens — far more than the 10 tokens in the previous snapshot. But generating the zero-knowledge proof takes 40–50 hours, so users still can’t independently verify the 1:1 backing.
And “covering the losses” doesn’t mean “recovering the funds”: the stolen coins have still not been recovered, and around $3 billion has only been frozen on-chain; the FBI has blamed North Korea’s TraderTraitor group.
Markets remain gripped by fear: BTC is around $71,500, the Fear & Greed Index is at 28, and only 19 of the top 100 coins are up. The biggest gainer is $M (MemeCore), up 3.47% in 24 hours to $0.8236.
Do you trust exchanges’ reserve commitments after this incident? 🤔
#CryptoNews #Binance #Bitcoin #MemeCore
This is market information, not investment advice.
