Binance says customer asset backing is restored after major hack

Binance’s reported customer-asset coverage is complete following the exchange’s multibillion-dollar hack, according to The Cryptonomist. The outlet says $6.3 billion was replaced and that customers are now awaiting a zero-knowledge proof through which they can verify the backing attached to their holdings. U.Today provides a coin-specific update, reporting that Binance confirmed 100.04% coverage for Shiba Inu after the incident. That figure indicates the exchange’s reported SHIB position slightly exceeds the corresponding customer coverage, although the supplied coverage does not detail the calculation methodology or distinguish customer balances from other exchange-controlled assets. The outlets corroborate the central development that Binance has addressed the customer-backing issue, but their descriptions of the incident’s size differ. The Cryptonomist refers to a $6.3 billion hack, while U.Today uses $6.34 billion; neither summary provides a reconciled total. They also frame the remaining work differently, with The Cryptonomist focusing on customer verification and U.Today highlighting the percentage of SHIB coverage. U.Today also cites Arkham data showing that Binance’s wallets contain 16% more SHIB following the incident. This additional wallet-level detail supports the reported increase in the exchange’s SHIB holdings, but the figures do not establish how much of the position was added specifically to restore customer coverage. The broader reported asset replacement nevertheless points to a substantial balancing exercise across customer balances and reserve wallets. Market conditions were weak despite SHIB’s modest daily advance. SHIB traded at $0.00000431, up 1.27% over 24 hours but down 5.35% over seven days, with a $2.54 billion market capitalization. Bitcoin fell 3.61% over 24 hours, the total crypto market capitalization stood at $2.39 trillion, and the Fear and Greed index registered 20, labeled Extreme Fear. The immediate items to monitor are publication of the promised zero-knowledge proof, subsequent verification of wallet holdings, and whether SHIB’s short-term resilience continues in a broadly declining market.