TLDR
- Binance has completed a zero-knowledge proof for its October 31 reserves snapshot.
- Users can independently verify that ten cryptocurrencies have reserve backing of at least 1:1.
- Binance said it has replaced approximately 95% of the assets affected by the October 29 hack.
- The exchange continues acquiring less-liquid tokens to replace the remaining 5% of affected assets.
- Binance plans another reserves snapshot on November 4, with verification expected within 40 to 50 hours.
Binance said Monday that users can now verify reserves for ten cryptocurrencies after the exchange completed a new zero-knowledge proof. The update follows an October 29 cyberattack that drained more than $6 billion from its wallets.
Binance Opens New Reserve Checks
The proof covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Binance said each token has at least one reserve unit for every unit customers hold.
The reserves snapshot was taken on October 31. Users can log in and download a verification tool to check that their balances appear in the records without making account details public.
Binance Support
Another snapshot is scheduled for Wednesday, November 4, covering more tokens. Co-CEO Yi He said the updated proof could take 40 to 50 hours to produce after the snapshot.
Exchange Replaces 95% of Affected Funds
Binance said it has replaced about 95% of the stolen assets with company money. The exchange pledged $6.34 billion for recovery and said customers would not bear the losses.
The remaining 5% involves tokens that trade less often. Binance said it is buying those assets through market transactions and working with partners to obtain enough tokens for customer balances.
Binance used its corporate treasury, customer protection fund and futures insurance fund to cover losses. Binance has not announced a completion date for purchasing the remaining tokens.
The exchange also plans to restore withdrawals for more assets and networks from Tuesday. Its first withdrawal phase began Sunday after security reviews, with services returning across 15 networks.
Hack Investigation and Exchange Outflows
Investigators have linked the October 29 theft to North Korea’s TraderTraitor group. The FBI also attributed the attack to the group. Security researchers said attackers accessed internal systems used to approve wallet transactions.
Binance said industry partners had frozen about $3 billion linked to the theft. Researchers continue tracking funds moved through different networks and services as the exchange investigates the breach.
On Sunday, analyst SomaXBT reported transfers of $242 million through Tron tied to stolen funds. The findings describe movements of suspected proceeds, not money recovered by Binance or returned to customers.
DeFiLlama data showed Binance’s 24-hour net outflows easing to roughly $3.29 billion from an earlier peak near $7 billion. The tracker estimated $127.78 billion in assets across wallets linked to the exchange.
