Binance confirms reserves fully backed after $6.3 billion hack, plans new snapshot

Binance has published cryptographic proof verifying that its reserves for at least ten major tokens are fully backed on a one-to-one basis, following a recent security breach that saw $6.3 billion stolen. The exchange, which serves 335 million users worldwide, presented reserve ratios for top cryptocurrencies and enabled users to independently verify their holdings through cryptographic techniques. These efforts come as Binance aims to restore confidence after one of the largest hacks in cryptocurrency history. On Monday, Binance issued its latest reserves snapshot as of October 31, using Bitcoin block 973895 as a reference point.

Source: CoinTurk News