In its third update on the hack, Binance says it has now covered 90% of the affected assets, up from 80% on Friday. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now 100% backed. The remaining 10% consists of less liquid tokens outside that group, which it will continue buying on the market and OTC.
The money comes from part of the SAFU fund, part of the futures insurance fund and its treasury, and the exchange has pledged to replenish SAFU back to around $1 billion. It published a snapshot of the proof of reserves taken on October 31 at 00:00 UTC; the full zero-knowledge proof takes 40 to 50 hours and will arrive on Tuesday, November 3. It reiterates that “Binance will absorb the financial impact of these stolen funds, not our users.”
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