Binance releases proof of reserves data for ten cryptocurrencies; oil tumbles amid hopes of Iran war breakthrough – as it happened
News Source
•Mon, 02 Nov 2026 15:07:29 GMT
📰 What Happened
Binance has published proof-of-reserves data for ten cryptocurrencies, letting customers check that the exchange holds the assets it says it does. The move came after a 6.3 billion dollar hack.
Customers pulled billions of dollars from their accounts when news of the breach spread. Binance said dollar withdrawals were working again by Monday.
Scammers moved fast, sending fake messages about compensation payments to customers. Binance's co-founder said securing the platform was the company's top priority.
🔍 The Backstory
Crypto exchanges hold customers' coins, so a hack can wipe out savings overnight. After the collapse of FTX in 2022, users began demanding proof that exchanges really hold the money they claim.
Proof of reserves uses cryptography to show balances without revealing individual accounts. Critics say it shows holdings at one moment in time and does not prove the company has no hidden debts.
Binance is the world's largest exchange, so its problems shake confidence across the whole market.
🎯 Why It Matters
Millions of people keep savings on crypto exchanges instead of in banks. This hack shows how quickly that money can be at risk, and how fast scammers follow.
Binance has published proof-of-reserves data for ten cryptocurrencies, letting customers check that the exchange holds the assets it says it does. The move came after a 6.3 billion dollar hack.
Customers pulled billions of dollars from their accounts when news of the breach spread. Binance said dollar withdrawals were working again by Monday.
Scammers moved fast, sending fake messages about compensation payments to customers. Binance's co-founder said securing the platform was the company's top priority.
Crypto exchanges hold customers' coins, so a hack can wipe out savings overnight. After the collapse of FTX in 2022, users began demanding proof that exchanges really hold the money they claim.
Proof of reserves uses cryptography to show balances without revealing individual accounts. Critics say it shows holdings at one moment in time and does not prove the company has no hidden debts.
Binance is the world's largest exchange, so its problems shake confidence across the whole market.
Millions of people keep savings on crypto exchanges instead of in banks. This hack shows how quickly that money can be at risk, and how fast scammers follow.