Binance’s tracked exchange assets have decreased by approximately $16.6 billion since a hack occurred on October 29th. The cryptocurrency exchange’s zero-knowledge reserve proof, initially scheduled for November 1st, is now expected on November 3rd.
According to data from analytics platform Defillama, the value of Binance’s tracked exchange assets fell from about $144.9 billion on October 29th. This represents a drawdown of roughly $16.6 billion.
The delay in the release of Binance’s full zero-knowledge reserve proof, which was first promised for November 1st, has been extended. This proof is intended to demonstrate the exchange’s solvency by verifying it holds sufficient reserves to cover customer assets.
Binance has not yet provided specific details regarding the findings of the reserve proof or the exact nature and impact of the October 29th hack beyond the reported decrease in asset value.
Why This Matters
The reported decrease in Binance’s tracked assets, amounting to approximately $16.6 billion since the October 29th hack, highlights a significant outflow following a security incident. The upcoming zero-knowledge reserve proof, now expected on November 3rd, is a measure intended to demonstrate the exchange’s solvency.
Broader Context
Binance’s tracked assets have fallen by about $16.6 billion since the Oct. 29 hack, according to source materials.
