{"id":"1793457740664-money-segment","slug":"binance-hack-losses-not-passed-to-users","title":"Binance hack losses not passed to users","summary":"Binance's proof-of-reserves page shows BTC, ETH, USDT, BNB, SOL, USDC, XRP and USD1 at or above 100% backing; it does not list RLUSD or ZEC, so claiming all those tokens are fully backed is not supported.\n\nBinance's latest confirmed update said it had secured assets covering about 80% of stolen funds, not 90%; no source shows a 90% replenishment figure.\n\nBinance has said it will cover losses from company funds and that customer funds are safe and not impacted, consistent with the tweet.","publishedAt":"2026-10-31T14:42:20.664Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Market Open","verification":{"status":"verified","leadVerdict":"MISLEADING","notes":"MISLEADING: Binance's proof-of-reserves page shows BTC, ETH, USDT, BNB, SOL, USDC, XRP and USD1 at or above 100% backing; it does not list RLUSD or ZEC, so claiming all those tokens are fully backed is not supported.\nSource: [binance.com](https://www.binance.com/en/proof-of-reserves) NAMES: BTC = Bitcoin; ETH = Ether; USDT = Tether; BNB = Binance Coin; SOL = Solana; USDC = USD Coin; (https://x.com/DeItaone/status/2116540472860536989)\n\nFALSE: Binance's latest confirmed update said it had secured assets covering about 80% of stolen funds, not 90%; no source shows a 90% replenishment figure.\nSource: [tokenpost.com](https://www.tokenpost.com/news/technology/45132) (https://x.com/DeItaone/status/2116540319122518312)\n\nTRUE: Binance has said it will cover losses from company funds and that customer funds are safe and not impacted, consistent with the tweet.\nSource: [bbc.com](https://www.bbc.com/news/live/cqrmynd3042gt) and [coindesk.com](https://www.coindesk.com/business/2026/10/30/binance-hack-drained-wallets-backing-cust (https://x.com/DeItaone/status/2116540573742170236)","claims":[{"verdict":"MISLEADING","summary":"Binance's proof-of-reserves page shows BTC, ETH, USDT, BNB, SOL, USDC, XRP and USD1 at or above 100% backing; it does not list RLUSD or ZEC, so claiming all those tokens are fully backed is not supported.","sourceName":"[binance.com](https://www.binance.com/en/proof-of-reserves) NAMES: BTC = Bitcoin; ETH = Ether; USDT = Tether; BNB = Binance Coin; SOL = Solana; USDC = USD Coin;","sourceUrl":"https://x.com/DeItaone/status/2116540472860536989","claim":"BINANCE: ALL BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, AND ZEC ARE FULLY BACKED 100%","author":"*Walter Bloomberg (@DeItaone)"},{"verdict":"FALSE","summary":"Binance's latest confirmed update said it had secured assets covering about 80% of stolen funds, not 90%; no source shows a 90% replenishment figure.","sourceName":"[tokenpost.com](https://www.tokenpost.com/news/technology/45132)","sourceUrl":"https://x.com/DeItaone/status/2116540319122518312","claim":"BINANCE ON HACK - 90% OF STOLEN ASSETS REPLENISHED","author":"*Walter Bloomberg (@DeItaone)"},{"verdict":"TRUE","summary":"Binance has said it will cover losses from company funds and that customer funds are safe and not impacted, consistent with the tweet.","sourceName":"[bbc.com](https://www.bbc.com/news/live/cqrmynd3042gt) and [coindesk.com](https://www.coindesk.com/business/2026/10/30/binance-hack-drained-wallets-backing-cust","sourceUrl":"https://x.com/DeItaone/status/2116540573742170236","claim":"BINANCE ON HACK: WILL ABSORB THE FINANCIAL IMPACT OF THESE STOLEN FUNDS, NOT OUR USERS","author":"*Walter Bloomberg (@DeItaone)"}]},"sources":[{"url":"https://x.com/DeItaone/status/2116540472860536989","name":"[binance.com](https://www.binance.com/en/proof-of-reserves) NAMES: BTC = Bitcoin; ETH = Ether; USDT = Tether; BNB = Binance Coin; SOL = Solana; USDC = USD Coin;","kind":"x","verdict":"MISLEADING","author":"*Walter Bloomberg (@DeItaone)"},{"url":"https://x.com/DeItaone/status/2116540319122518312","name":"[tokenpost.com](https://www.tokenpost.com/news/technology/45132)","kind":"x","verdict":"FALSE","author":"*Walter Bloomberg (@DeItaone)"},{"url":"https://x.com/DeItaone/status/2116540573742170236","name":"[bbc.com](https://www.bbc.com/news/live/cqrmynd3042gt) and [coindesk.com](https://www.coindesk.com/business/2026/10/30/binance-hack-drained-wallets-backing-cust","kind":"x","verdict":"TRUE","author":"*Walter Bloomberg (@DeItaone)"}],"url":"https://oncast.fm/story/1793457740664-money-segment-binance-hack-losses-not-passed-to-users","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1793457740664-money-segment-binance-hack-losses-not-passed-to-users","cite":"Cite https://oncast.fm/story/1793457740664-money-segment-binance-hack-losses-not-passed-to-users and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"Walter Bloomberg just posted a string of Binance updates, and at least one of them is wrong."},{"host":"Bill","text":"Wrong how?"},{"host":"Adam","text":"First the good part: Binance says it will absorb the financial hit from the hack, not pass it to customers. That's confirmed."},{"host":"Bill","text":"That's the right call. What's the problem?"},{"host":"Adam","text":"Another post claims every major token is now a hundred percent backed, including Ripple's RLUSD and Zcash."},{"host":"Adam","text":"But Binance's own proof of reserves page doesn't list those two at all."},{"host":"Bill","text":"So they declared victory on tokens they haven't even posted reserves for?"},{"host":"Adam","text":"Exactly. Bitcoin, Ether, Tether, those are at or above a hundred percent. But the overclaim is right there in writing."},{"host":"Bill","text":"Still, they're doing what no bank would do: eating the loss themselves."},{"host":"Adam","text":"That's a low bar, Bill. The hack happened on their watch."},{"host":"Adam","text":"Weak security, maybe an inside job, and a social post that misstates the facts. Trust is earned, not promised."},{"host":"Bill","text":"Every exchange gets hit. Even banks lose money to fraud. The question is whether users get made whole. Binance says yes."},{"host":"Adam","text":"But if they can't get the token list right, why believe the backing numbers?"},{"host":"Bill","text":"Because the big ones are on the proof page, at a hundred percent or better. That's not nothing."},{"host":"Adam","text":"And one post quietly claims 90 percent of stolen assets already replenished. Latest confirmed number is about 80."},{"host":"Bill","text":"Ten points off? That's a material difference."},{"host":"Adam","text":"It's not a rounding error. And they also expect a partial deployment of their SAFU emergency fund within 24 hours. No official confirmation yet."},{"host":"Bill","text":"That's the insurance pool, right? If that gets tapped, it's real."},{"host":"Adam","text":"SAFU was created after the 2019 hack. It's the emergency buffer. If they deploy it, the breach was big enough to need insurance."},{"host":"Bill","text":"And that hasn't happened yet?"},{"host":"Adam","text":"They expect it in the next 24 hours, but no confirmation. So we're in wait and see."},{"host":"Adam","text":"Right. So the picture is: they'll cover losses, but the details are still fuzzy."},{"host":"Bill","text":"Fair. The social team overreached, but the core promise is still there."},{"host":"Adam","text":"A promise is only as good as the proof. Right now, the proof has holes."},{"host":"Bill","text":"You know, critics will say this is exactly why 'not your keys, not your coins'."},{"host":"Adam","text":"Self-custody isn't a magic fix either. People lose keys, get scammed, forget passwords."},{"host":"Bill","text":"But at least you don't wake up to a hack and a vague promise."},{"host":"Adam","text":"Fair, but most people can't manage private keys. Exchanges exist for a reason."},{"host":"Bill","text":"That's the tradeoff. And today, exchange users are relying on Binance's word."},{"host":"Adam","text":"Which is why the proof matters. Show the reserves, match the claims, no overreach."},{"host":"Bill","text":"Speaking of holes, the market's response isn't pretty. Posts on X claim 1.6 billion dollars in liquidations and 643 million in Bitcoin ETF outflows."},{"host":"Adam","text":"Those exact numbers I can't confirm, but the direction is real: crypto is selling off hard after the hack."},{"host":"Bill","text":"One trader says Bitcoin briefly tested the 76 to 77 thousand support zone. Again, not verified, but that's the talk."},{"host":"Adam","text":"Fear plus a security breach plus ETF outflows is a bad weekend."},{"host":"Adam","text":"Different world entirely: a Telegram feed reports Senegal's lawmakers rejected the budget again, putting the IMF deal at risk."},{"host":"Bill","text":"That's not new— they rejected it before, right?"},{"host":"Adam","text":"Twice now, according to the post. No confirmation yet, but if true, it's a real problem for a country trying to keep IMF support."},{"host":"Bill","text":"Investors dislike that kind of uncertainty, and Senegal's bonds could feel it."},{"host":"Adam","text":"We'll watch for official word. But it's another reminder that politics can move markets on a Saturday."},{"host":"Bill","text":"And now, because it's Halloween weekend, a Telegram channel posted Bitcoin's price every Halloween since 2010."},{"host":"Adam","text":"Let's hear the arc."},{"host":"Bill","text":"2010: 20 cents. 2025: 110,000 dollars. 2026: 77,400."},{"host":"Adam","text":"If the list is right— and I can't verify every number— it's a wild ride. From nothing to six figures and back down a third."},{"host":"Bill","text":"The scariest Halloween story in finance."},{"host":"Adam","text":"Happy Halloween. Now back to the real horror show."}]}