Binance covers all user assets hit by $6.34B hack, publishes new PoR
Two weeks after the largest crypto heist on record, which the FBI attributed to North Korea, the exchange has completed coverage of all affected user assets and released a fresh Proof of Reserves snapshot.
Binance committed more than $6.34 billion in company funds to cover the losses, buying back affected tokens through market and OTC channels.
The money came from a partial deployment of the SAFU fund, part of the Futures insurance fund above its required level, and the corporate treasury. Binance says it will replenish SAFU back to roughly $1 billion.
The new snapshot, taken on November 12 at 00:00 UTC, covers 198 tokens. The full zero-knowledge proof needs 40 to 50 hours to generate, after which holders can verify 1:1 backing. Withdrawals keep reopening in phases.