Binance completes asset coverage after $6.3 billion hack, Proof of Reserves update pending

Binance, the world’s largest cryptocurrency exchange by trading volume, announced that it has now fully covered all assets affected by the security incident that occurred on October 29. The exchange stated this in a post on November 12, with Binance co-founder Yi He echoing the confirmation by reposting the update with the caption “100%.” According to Binance, the company has completed replenishing all impacted assets and published a new Proof of Reserves snapshot. However, customers currently lack the ability to independently verify these claims. Binance stated users will be able to confirm their holdings against the reserve once a new zero-knowledge proof (ZKP) system is generated.

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