Binance Targets Monday for Initial Proof of Reserves, Co-CEO Says
Binance co-CEO Richard Teng said the exchange aims to publish its initial proof of reserves on Monday and is rebuilding its withdrawal service. In a video on X on Friday, Teng said Binance hopes users will be able to withdraw before its Sunday deadline, which is on track to fall within 40 hours. The Block reported that Binance has set aside $6.34 billion in company funds to cover losses from a recent security incident. The exchange holds $5 billion in affected tokens and is acquiring the remainder through market and over-the-counter channels. Recovery efforts are continuing with law enforcement.