CoinDesk reported that its review of Binance’s own proof-of-reserves data indicates the wallet emptied in the recent attack was one of the exchange’s reserve wallets used to show that customer assets were backed 1:1. In Binance’s Oct. 1 reserve report, the compromised hot wallet labeled “Binance 14” held about 1.26 billion USDT and 89,475 ETH across 37 assets.
According to the report, Binance’s ETH reserve ratio stood at exactly 100% on Oct. 1, while its USDC reserve ratio was 108.26%. With roughly 204,500 ETH stolen, CoinDesk said the loss represented about 5.6% of Binance’s ETH reserves, implying the ETH reserve ratio may have fallen to around 94%. The report also said stolen ENA, UNI, PEPE and AAVE accounted for roughly 7% to 15% of Binance’s holdings in those assets, and that USDC and some altcoin reserve ratios may also have dropped below 100%.
Binance and co-CEO He Yi said user funds remain safe and customer balances will be fully honored. CoinDesk added that Binance’s next reserve snapshot is scheduled for Nov. 1, which may show whether the exchange has replenished the stolen assets. Binance had not responded to CoinDesk’s request for comment at the time of the report.
CoinDesk reported that its review of Binance’s own proof-of-reserves data shows the wallet drained in the recent attack was one of the reserve wallets the exchange used to demonstrate that customer assets were backed on a 1:1 basis.
Binance’s reserve report published on Oct. 1 included the compromised hot wallet, identified as “Binance 14.” At that time, the wallet held about 1.26 billion USDT and 89,475 ETH, covering 37 assets.
CoinDesk said Binance’s ETH reserve ratio was exactly 100% on Oct. 1, while its USDC reserve ratio stood at 108.26%. About 204,500 ETH was stolen in the incident, equal to roughly 5.6% of its ETH reserves. On that basis, the ETH reserve ratio may have fallen to around 94%.
The report added that stolen ENA, UNI, PEPE and AAVE represented about 7% to 15% of Binance’s holdings in those assets. It also said USDC and some altcoin reserve ratios may now be below 100%.
Binance and co-CEO He Yi said user funds are safe and customer balances will be fully honored. CoinDesk noted that Binance’s next reserve snapshot is due on Nov. 1, when it may become clear whether the exchange has replenished the stolen assets. Binance had not responded to CoinDesk’s request for comment.
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