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View allBinance Launches Stolen Asset Backfill, Deploys Over $6.34 Billion in Own Capital to Complete Proof of Reserves Alignment
Asset Backfill Progress and Capital Protection Arrangements<p>Binance has officially initiated the backfill process for assets stolen in this security incident, and plans to use over $6.34 billion of the company's own capital to fully cover all stolen losses, ensuring user assets remain unaffected by this event. Corresponding tokens valued at over $5 billion have already been secured, and the remaining gap is being simultaneously purchased via public market trading and over-the-counter (OTC) channels to ensure every backfilled token is a perfect one-to-one match for the affected stolen tokens.</p><p>Due to the low market liquidity of some involved altcoins, the settlement process for over-the-counter transactions requires a certain processing period. The overall asset backfill is expected to take a relatively long time, and relevant progress will be continuously advanced. The allocated backfill capital amount does not yet include the previously successfully frozen or protected assets involved in the incident.</p><p>As of the current time, approximately $3 billion of related stolen assets have been successfully frozen. Binance is concurrently conducting in-depth collaboration with industry partners and law enforcement agencies across jurisdictions to continuously advance the recovery of remaining stolen assets. For any subsequent verified remaining asset gaps, Binance will continue to deploy the company's own resources to make up the difference. All user holdings can be verified through the official Proof of Reserves (POR) channel.</p>
After his ETH long position was liquidated, Machi Brother re-deposited 250,000 USDC to open $5.88 million in long positions
Per on-chain analyst Yu Jin's monitoring, the ETH long position of Machi Brother (Jeffrey Huang) was fully liquidated during the early morning market dip triggered by the Binance security incident. He subsequently deposited 250,000 USDC into Hyperliquid to re-establish long positions, which currently total $5.88 million in value, covering ETH, HYPE and BTC. Due to high leverage, the liquidation price of his ETH position stands at $2161, approximately $86 away from the current market price. Data shows that Machi Brother has traded on Hyperliquid for nearly a year and a half, recording a cumulative trading volume of $15.86 billion and a total accumulated loss of $37.05 million.
Cash App to Transform into a Full-Service Digital Bank: Expanding Offerings of Financial Products Including Stocks, ETFs, and Custom Debit Cards
Block, the fintech firm led by Jack Dorsey, announced that it will advance the transformation of its crypto and payments platform Cash App into a comprehensive digital bank, aiming to boost user engagement and customer retention via products including stock and ETF trading, BTC transactions, short-term loans, high-yield savings accounts, and custom debit cards. Currently, Cash App has 9.4 million users that use it as their primary banking service tool, representing a 17% year-over-year increase. However, Cash App still faces stagnant user growth and regulatory compliance pressures. Multiple prior lawsuits have alleged that criminals have exploited the platform to carry out fraud, identity theft, money laundering and other illicit activities. Block disclosed in August this year that it has doubled its legal reserve for a potential settlement related to a multi-year ongoing investigation by the U.S. Department of Justice (DOJ) to $526 million.
Synthetix Recovers Approximately 8.4 Million Stolen SNX From Binance, Will Return Assets As Required
Synthetix officially confirms that the recovery operation for the stolen SNX assets has been completed<p>Synthetix announced via the X platform that the SNX tokens previously stolen from Binance have been successfully recovered by the Synthetix protocolDAO. All relevant tokens are currently stored in the protocolDAO's Safe multi-sig wallet address. The team has formally notified Binance, and will subsequently complete the asset return process in accordance with the requirements put forward by Binance.</p><p>Public data from on-chain blockchain explorer Etherscan shows that this recovery transaction occurred at 07:03 on the same day. A total of approximately 8.4057 million SNX was transferred out from the hacker address labeled "Binance Hot Wallet Exploiter 2", and finally deposited into the official multi-sig address of Synthetix protocolDAO. Calculated at the current market price, the total value of this batch of recovered tokens is approximately USD 1.5455 million.</p><p>This cross-platform collaborative operation to recover stolen crypto assets also provides a new reference for industry collaboration in responding to incidents of hacker asset theft. Both parties will synchronously disclose the specific schedule for the asset return process at a later stage.</p>
Binance: $6.34 billion in corporate funds have been reserved to cover losses, and asset recovery for users has commenced
Binance posted on the X platform stating that it has begun restoring affected assets for users, and will continue collaborating with law enforcement agencies, token issuers, blockchain intelligence firms, and industry partners to track, freeze, and recover additional funds. Binance noted that it has reserved over $6.34 billion in corporate funds to cover losses from this incident, of which $5 billion is already held in the same type of affected tokens, and the remaining portion is being supplemented by purchasing corresponding tokens through market and OTC channels. This process may take a significant amount of time due to the low liquidity of some tokens and the time required for OTC settlement. The aforementioned amount does not include frozen or protected assets. Approximately $3 billion in assets have been frozen to date, and Binance is advancing recovery efforts in partnership with relevant collaborators and law enforcement agencies.