Binance Reserve Report Fuels Insider Trading Fears

Binance Faces Scrutiny Over $6.3 Billion Hack Amid Delayed Proof-of-Reserves

Speculation is mounting on X, formerly Twitter, that the recent $6.3 billion hack of the cryptocurrency exchange Binance may have been an inside job. These claims have gained traction as the exchange has postponed the release of its proof-of-reserves results until Monday, November 2.

Skeptics Question Audit Timing

Concerns are being raised about the timing of the scheduled audit. In an update on October 30, Binance stated that it had covered approximately 80% of the losses incurred during the hack. The delay in presenting its proof-of-reserves, which would typically demonstrate the exchange’s financial health and asset backing, has fueled further suspicion among users and observers.