Binance publishes proof of reserves for ten assets after security breach
Binance says it has completed a zero-knowledge proof for its October 31 reserve snapshot, so users holding ten named assets can now verify their balances. The exchange is still buying less liquid tokens to cover remaining losses.
Binance says it has completed the zero-knowledge proof for the reserve snapshot taken after its October 29 security breach. In its November 2 recovery update, the exchange said users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD or ZEC can verify their balances against that snapshot.
What the snapshot covers
The snapshot was taken at 00:00 UTC on October 31 (08:00 in Hong Kong). Binance says the ten assets are backed at least 1:1 and that it used its own funds to replenish affected assets. These are the exchange’s statements; we have not independently checked its reserves or the proof.
How users can check
Binance’s guide says users should download the verifier from its official GitHub repository, sign in to Binance, open the wallet verification page and download their Merkle-tree data. The tool is then run on a computer using the files and instructions in the guide. The process requires technical steps; use official links and never share passwords or verification codes.
What the proof can and cannot show
Binance says its Merkle tree lets a user check that their account is included in the snapshot, while its zk-SNARK proof addresses the stated reserve backing without revealing individual balances. The result refers to that snapshot, not today’s continuously changing balances. It is not a full financial audit or a guarantee against future losses.
Replenishment and next steps
In the same update, Binance said it had replenished about 95% of the affected amount; the remaining roughly 5% consists of less liquid tokens that take longer to acquire. Replenishing a balance with company funds does not mean stolen assets have been recovered. Binance plans another snapshot covering more tokens on November 4 and estimates a further 40–50 hours to generate its proof. As of the November 2 announcement, neither had happened yet. Binance co-CEO Yi He said proof-generation time depends on the number of tokens.
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