Binance says it has completed coverage of assets affected by the hack. The exchange reports committing more than $6.34 billion from company resources and protection funds to replace losses.
Its new Proof of Reserves snapshot is dated November 12 and covers 198 tokens. Binance estimates that generating the full cryptographic proof takes 40-50 hours. Withdrawals are reopening in phases.
Asset coverage is not the same as access
The coverage statement does not mean every user can already withdraw every coin. Availability of a particular transaction must be distinguished from assets appearing in a reserves report.
Proof of Reserves should not be equated with an independent audit of the company’s complete financial statements. It addresses a narrower backing question; assessing all liabilities and the wider financial position requires additional information.
