Key Highlights
- Binance is replenishing its emergency reserve, SAFU, to approximately $1 billion.
- The exchange says it has covered approximately 98% of the assets affected by the attack.
- A new zero-knowledge Proof of Reserves record is being prepared, while withdrawals will reopen in stages.
Binance Replenishes SAFU Reserve After Attack
Binance has committed to replenishing the resources used in response to the attack, restoring the size of its emergency reserve fund, the Secure Asset Fund for Users (SAFU), to approximately $1 billion. In its November 4 update, the cryptocurrency exchange said it had covered approximately 98% of the affected assets.
New Proof of Reserves Record Under Preparation
Binance announced that a new Proof of Reserves record, based on data taken at 03:00 Turkish time, has been published. The exchange said preparing the associated zero-knowledge proof is expected to take approximately 40 to 50 hours because of the computational load involved.
The zero-knowledge proof is designed to allow users to check their own balances without exposing the underlying information used to verify the reserves. According to Binance, once the process is complete, users holding tokens affected by the attack will be able to use the reserve system to verify that their balances are covered by at least the exact equivalent amount.
Withdrawals to Resume in Stages
Binance said it will continue reopening withdrawals in stages and will announce additional reopenings as they are finalized. The latest announcement did not specify when the remaining withdrawals will become available.
Why This Matters
The replenishment of SAFU and the planned Proof of Reserves verification are central to Binance’s response to the attack. Restoring the emergency reserve to approximately $1 billion is intended to replace resources used to cover affected assets, while the reserve verification process gives users a way to check coverage for the relevant token balances. The staged withdrawal process means access remains dependent on further announcements from Binance.
Frequently Asked Questions
What is Binance’s SAFU reserve?
SAFU is Binance’s emergency reserve fund for users. Binance said it is replenishing the resources used and bringing the reserve back to approximately $1 billion.
What is the new Binance Proof of Reserves record?
It is a reserve record based on data taken at 03:00 Turkish time. Binance is preparing a zero-knowledge proof that will allow users to check their own balances, with completion expected to take approximately 40 to 50 hours.
When will the remaining withdrawals reopen?
Binance said withdrawals will reopen in stages and that it will announce new reopenings as they are finalized. The latest announcement did not provide a specific date for the remaining withdrawals.
This is not investment advice.
