Ten major assets are covered by the proof
The published proof covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Binance says those ten assets are fully backed after using SAFU resources, part of its futures insurance fund and corporate funds to replenish reserves.
A Merkle Tree lets an account holder check that a balance was included in the snapshot. The zk-SNARK component is designed to prove that total liabilities are backed without revealing individual customer balances.
The latest update was released on 2 November
The reserve snapshot was taken on 31 October at 00:00 UTC, after the exchange reported a theft of about $6.3 billion. Binance began restoring withdrawals in stages on 1 November and said another snapshot with wider token coverage would follow.
The remaining five per cent consists mainly of less-liquid tokens outside the ten listed assets. This percentage describes assets replaced by Binance, not money recovered from the attackers. About $3 billion was frozen, but that is a separate measure.
Verification does not replace the investigation
Proof of reserves shows whether the exchange held enough assets to cover the listed customer balances when the snapshot was taken. It does not explain how the incident happened or guarantee the future security of the exchange.
On 31 October, the FBI attributed the theft to North Korea’s TraderTraitor activity. Binance has promised a technical review after the investigation, so users should separate reserve backing, restored withdrawal access and the security controls introduced after the breach.
This article is for information only and is not investment advice.
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