Binance's stolen wallet belongs to the proof of reserves wallet, and the ETH reserve ratio may drop to 94%

According to CoinDesk, its review of the proof of reserves data from Binance shows that the wallet emptied in the attack was the reserve wallet used by Binance to prove that user assets are fully supported 1:1. The reserve report released by Binance on October 1 included the attacked "Binance 14" hot wallet, which at the time held approximately 1.26 billion USDT and 89,475 ETH, involving a total of 37 types of assets.

The report stated that on October 1, Binance's ETH reserve ratio was exactly 100%, and the USDC reserve ratio was 108.26%. Approximately 204,500 ETH was stolen, accounting for about 5.6% of its ETH reserves, which could result in the ETH reserve ratio dropping to around 94%; the stolen assets such as ENA, UNI, PEPE, and AAVE accounted for about 7% to 15% of Binance's corresponding holdings, and the reserve ratios for USDC and some altcoins may also fall below 100%.

Binance and co-CEO He Yi stated that user funds are safe, and user balances will be fully reimbursed. CoinDesk pointed out that Binance's next reserve snapshot will take place on November 1, at which time it will be possible to see if the stolen assets have been replenished. Binance has not yet responded to CoinDesk's request for comment.