Binance hack drained wallets backing customer assets, reserve data shows

Data from Binance's internal reserve records indicates that the wallets which were emptied corresponded to assets held for customers.

This situation results in the exchange's ether reserves being estimated to be 6% deficient.

This shortfall persists until Binance compensates for the stolen amounts.

The exchange's own reserve data explicitly ties these depleted wallets to customer balances.

This development raises questions regarding the immediate solvency backing user holdings.

The disparity suggests a direct impact on the collateralization of customer assets within the platform's reserves.

This incident highlights critical points concerning the operational integrity of major centralized entities within the DeFi ecosystem.

Earlier coverage

• Binance Hacker Hunts for Exit Ramps as DeFi Exchanges Pause Markets Oct 29
• Why Switzerland’s first genuine spot bitcoin ETF could soon attract overseas banks and brokers Oct 29