00:00 Speaker A
Binance net outflows reach 5.3 billion after record hack. CEO says recovery underway. So,
00:04 Speaker A
it’s 5.3 billion net. But there were 11 billion that left the exchange. That means that, you know, a bunch has come back in as well. And right now the bigger story may be the fact that deposits
00:14 Speaker A
are outpacing withdrawals. Once again, like I said in the intro, that might mean that the worst of this is over. So the exact number was 10.97 billion in withdrawals over 46 hours. That was reported
00:24 Speaker A
by Binance, 5.7 billion in deposits during that window. The cumulative net outflow remained approximately 5.28 billion. Binance completed verification Monday for its October 31st reserve snapshot, covering 10 tokens and says covered balances were backed at a minimum of one for one at that
00:38 Speaker A
snapshot. They’re planning another snapshot for tomorrow, Wednesday, which will cover the additional tokens.
00:44 Speaker A
Binance has approximately 95% of effective assets have been replenished, which is wild because everything that was taken
00:50 Speaker A
to some degree, not everything, but a lot of it had to actually be bought back. So they went on the OTC markets and bought back a bunch of esoteric alt coins and somehow even that couldn’t pump the prices. A whole bunch of buying demand from Binance to replenish supplies and we still are not seeing
01:00 Speaker A
things go up. Now, interestingly, their SAFU fund, which we’ve talked about before is now at a level below what they have disclosed as ideal or allowed. So they have not made an announcement yet as to how they’re going to replenish that, but we can anticipate that coming soon.