On Saturday, cryptocurrency exchange Binance said that it was able to reimburse 90% of the losses from the recent hack.
The company said in a statement that the outstanding 10% consists of tokens that are less liquid and that may take supply constraints for the requested amounts.
The remaining percentage is made up of tokens outside the ten fully supported assets. Because these assets are harder to trade quickly, Binance mentioned that buying enough of them might take longer. They are teaming up with industry partners to make the purchases through regular markets and private deals.
The full zero-knowledge proof takes about 40 to 50 hours to generate and is expected to be ready by Tuesday. Once it is in its final stages, users holding any of the ten fully backed tokens will be able to independently reserve verification that their assets are backed at least 1:1.
Binance further explained that its next milestone is resuming withdrawals which are scheduled to proceed this Sunday, November 1 within its previously stated timeframe. The exchange will share more details in a later update, maintaining its commitment through trackable progress, honest reporting and solid actions.
Source link
