Connect with us

Crypto

Binance Completes $6.3 Billion Hack Coverage and Publishes New Proof of Reserves

Published

on

Binance Completes $6.3 Billion Hack Coverage and Publishes New Proof of Reserves

Key takeaways

  • Binance said on Nov. 12 that it has completed coverage of assets affected by the Oct. 29 security incident, in which about $6.3 billion was stolen, and published a new Proof of Reserves snapshot.
  • The snapshot was taken at 00:00 UTC on Nov. 12 and covers 198 tokens; Binance said a zero-knowledge proof would take about 40 to 50 hours to generate before users can independently verify at least 1:1 backing.
  • Binance founder Changpeng Zhao quoted the announcement on X, writing: “100% 1:1 backing. Funds are SAFU!”

Binance said on Thursday it has completed coverage of assets from its record Oct. 29 hack, in which about $6.3 billion was stolen, and published a new Proof of Reserves snapshot, according to an official announcement and a post on X.

At 4:49 p.m. London time on Nov. 12, the exchange said it had “completed coverage of assets impacted in the security incident.” “Once the zero-knowledge proof is generated, users can independently verify that their assets are backed at a minimum of 1:1,” Binance wrote, thanking users for their patience and linking to its Proof of Reserves website.

At 6:19 p.m. London time, Binance founder Changpeng Zhao quoted the post, writing: “100% 1:1 backing. Funds are SAFU!” SAFU is the exchange’s Secure Asset Fund for Users, an emergency reserve that can be used to cover losses from incidents such as this.

A longer Thursday announcement, reported by Bitcoin Magazine, said the snapshot was taken at 00:00 UTC on Nov. 12 and covers 198 tokens, up from 10 tokens in an Oct. 31 snapshot published after the breach. Binance said generating the full zero-knowledge proof would take about 40 to 50 hours because of the computational workload.

Until that proof is ready, the 1:1 backing is Binance’s statement, not something customers can confirm on their own. The new figures are posted on the exchange’s Proof of Reserves website. Users will be able to check their balances against the snapshot once the proof has been generated.

Coverage Replaces Tokens, but Stolen Assets Remain Missing

The exchange said it committed more than $6.34 billion in company funds and bought the affected tokens through market and over-the-counter channels. Funding came from a partial deployment of SAFU, a portion of Binance’s Futures insurance fund above the level required under its risk-management framework, and its corporate treasury. Binance also said it would replenish SAFU to about $1 billion.

The announcement concerns the same Oct. 29 incident CoinReporter first reported as a record $6.3 billion theft from Binance’s hot wallets. Binance later said the attackers used a fake job interview and compromised employee devices to reach its wallet-signing systems.

The U.S. Department of Justice has attributed the hack to North Korean military hackers and, also on Thursday, said it had obtained court authorization to seize or restrain more than $1.2 billion in stolen funds, The Block reported.

Coverage means Binance has replaced the affected tokens on its own books, not that it has recovered the stolen coins from the attackers. In the days after the breach, stablecoin issuers and partners froze billions of dollars in stolen assets.

A very small number of tokens Binance no longer lists were also affected. The exchange said those holdings will be handled under its delisting process and that users who hold them will be covered.

Binance said it is still reopening withdrawals in phases and continues to work on its security infrastructure. Thursday’s announcement did not say how much of the stolen crypto has been retrieved, or give an asset-by-asset breakdown of the final purchases.

Crypto

Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

Published

on

Nvidia Names Colette Kress Interim CEO After Jensen Huang Resigns

Key takeaways

  • Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11, effective immediately, and named Chief Financial Officer Colette Kress as interim CEO.
  • Nvidia shares closed down 4.3% on Thursday after falling more than 13% at the open, according to CNBC.
  • Bitcoin traded as low as $71,200 on Thursday, The Block reported, and fell further below $70,000 on Friday.

Nvidia’s board accepted Jensen Huang’s resignation as president, chief executive and a director on Nov. 11 and named Chief Financial Officer Colette Kress interim CEO, the company said on Nov. 12. Shares closed down 4.3%, according to CNBC, as bitcoin also fell.

In an official announcement, Nvidia said Kress, its executive vice president and chief financial officer since 2013, will keep those roles while she serves as interim chief executive. The board said it has begun a search for a permanent successor and will consider both internal and external candidates.

The board also appointed longtime director Harvey C. Jones as its first chair. An SEC filing dated Nov. 12 said Jones, 73, has served on the board since 1993 and is managing partner of Square Wave Ventures. The filing said the board accepted the resignation of Jen-Hsun Huang, Huang’s legal name, effective immediately.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said in the company’s statement. He added that the board has “full confidence in Colette and the leadership team” and expects operations, customer commitments and the product roadmap “to continue without interruption.”

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” Kress said. She said the company would keep serving its customers, partners, developers and shareholders.

Nvidia’s announcement and its filing did not give a reason for the resignation. Reuters and The Associated Press reported that Huang stepped down after revelations of extramarital affairs, including one involving a woman U.S. authorities suspect of spying for China.

Shares Slide, and Crypto Follows

CNBC said Nvidia shares plunged more than 13% at the open on Thursday, hitting a 52-week low early in the session, before finishing 4.3% lower. The network said the stock had been on track to close below a $4 trillion market value for the first time since July 2025, then rose just above that mark into the close.

Reuters reported the same 4.3% decline at the close, with a 1% bounce in after-hours trading, and said shares of rivals Advanced Micro Devices and Broadcom each rose about 6%.

Bitcoin fell to as low as $71,200 on Thursday, its weakest level in nearly 12 weeks, and was down 3.4% at $71,600 when The Block published. Ether, Solana and XRP each declined more than 3.5% over 24 hours. More than $750 million in crypto positions were liquidated, including over $634 million in long positions, according to CoinGlass data cited by The Block.

The selling continued into Friday, when bitcoin fell below $70,000 and liquidations reached $1.47 billion, CoinReporter reported, with Nvidia’s leadership change cited among the pressures on the market. A hotter-than-expected October inflation reading earlier in the week had already raised bets on a larger Federal Reserve rate increase in December.

Nvidia said it will report fiscal third-quarter 2027 results on Tuesday, Nov. 17, as previously scheduled, followed by an earnings call. The company did not give a timetable for naming a permanent chief executive.

Continue Reading

DeFi

DeFi4 days ago

Bitcoin Tests $75,200 Support

Total crypto market capitalization hovered near $2.50–2.54 trillion on November 9, 2026. Bitcoin dominance remained elevated at roughly 59–60%. The...

DeFi5 days ago

Bitcoin Slips Toward $74,600

Bitcoin traded in a tight range near $75,000–$76,000 for much of November 8 before settling lower, closing the CoinMarketCap snapshot...

DeFi1 week ago

Bitcoin Crashes Toward $75K

Bitcoin closed November 6 near $75,900 after an intense sell-off that pushed it as low as roughly $74,800 intraday—its weakest...

DeFi1 week ago

Crypto Market Stabilizes After Sharp Dip

Bitcoin recovered from multi-week lows near $75,200 and stabilized above $76,000 on November 6, 2026, as the market absorbed a...

DeFi1 week ago

Elizabeth Warren Expected to Chair Senate Banking Committee After Democratic Midterm Sweep

Longtime crypto critic Senator Elizabeth Warren is positioned to lead the powerful Senate Banking Committee when the new Congress convenes...

DeFi1 week ago

Bitcoin Dips to Multi-Week Lows Near $75,200 Before Recovering Above $76,000

Bitcoin briefly tumbled below $76,000 on November 6, 2026, reaching multi-week lows near $75,200 before buyers stepped in and the...

DeFi1 week ago

Bitcoin Rebounds Past $80,000 as Midterms Conclude and Markets Digest Binance Hack Details

Bitcoin staged a sharp V-shaped recovery on November 4, reclaiming $80,000 after briefly touching a seven-week low near $75,600–$75,700. The...

DeFi1 week ago

Bitcoin Volatility and ETF Outflows Amid Elections and Hack Fallout

Bitcoin experienced sharp swings in early November, dipping below $76,000 to multi-week lows near $75,700 as residual fallout from the...

DeFi2 weeks ago

Binance SAFU Fund Falls Below $800 Million Threshold After Record Hack Coverage

Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500...

DeFi2 weeks ago

Bitcoin Falls Below $77,000 as Chip Stocks Sell Off Ahead of U.S. Midterms

Bitcoin traded under $77,000 on November 3, 2026, down roughly 2% over 24 hours, as a deepening sell-off in semiconductor...

Trending