Abstract:
Cryptocurrency trading platform Binance announced today through its official X account that it has completed the protection of all affected assets in previous major security incidents and released the latest reserve certificate snapshot. This means that after experiencing the theft of approximately $6.34 billion in digital assets, Binance announced that it has completed comprehensive coverage of related assets.
Binance stated that the latest reserve proof snapshot has been announced. After the relevant zero-knowledge proof is generated, users can independently verify whether their assets are supported by reserves at a ratio of at least 1:1.
This incident occurred in the early morning of October 30, Beijing time. Binance previously disclosed that attackers transferred approximately $6.34 billion worth of digital assets from the platform’s hot wallet through unauthorized transactions.
After the incident, Binance promised that the platform would bear all financial losses and would not pass the losses on to users, and would use the User Security Asset Fund (SAFU), insurance funds and the company’s own funds to replenish the affected assets.
According to the announcement issued by Binance on November 4, about 98% of the affected assets had been backfilled at that time, and the remaining 2% mainly involved tokens with low market liquidity, and the platform still needed to purchase them through market transactions and over-the-counter trading channels.
This latest statement shows that Binance has announced that it has completed the protection of all affected assets. However, asset replenishment and stolen funds recovery are not the same concepts. Binance previously disclosed that as of November 3, approximately US$2.85 billion in digital assets involved had been frozen or intercepted, and the specific amount still needs further verification.
As for the cause of the incident, Binance’s previous preliminary investigation showed that the attacker may have gained system access by invading internal engineer equipment, etc., and then implemented unauthorized asset transfers. Binance stated that it has strengthened the security protection of relevant infrastructure and cooperated with law enforcement agencies and blockchain analysis companies to track the funds involved.
This incident is considered one of the largest asset thefts in the cryptocurrency industry. Although Binance announced that it has completed the protection of user assets, the final recovery of the stolen funds and the complete investigation results of the incident have yet to be disclosed later.
Comments