The short version
- Binance proof of reserves report is out: Binance says the zero-knowledge proof for its October 31 snapshot shows the ten coins hit in the $6.3 billion hack backed at least 1:1.
- Withdrawals reopened on Sunday with $4.649 billion out and $1.01 billion in, a net outflow of $3.64 billion or 2.1% of Binance’s $171 billion in assets.
- Next: more networks reopen on Tuesday and a new snapshot covering more tokens is taken on Wednesday, November 4; we’ll post both on Base Camp on X.
The Binance proof of reserves report is out, the first full check of the exchange’s books since the $6.3 billion hack. Binance says the zero-knowledge proof is done and shows user balances in the ten coins hit by the theft are backed at least one to one.
It covers a snapshot Binance took at 00:00 UTC on October 31, after it refilled the stolen coins, and it landed on Monday, a day ahead of Binance’s own Tuesday estimate.
Binance’s announcement:
What Does the Binance Proof of Reserves Report Show?
It shows BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC backed at a minimum of 1:1 at the October 31 snapshot, according to Binance’s Recovery Update #5.
The notice gives no new per-coin ratios or dollar total. The proof’s job is narrower: it lets anyone holding those ten coins check the claim for their own account, instead of taking Binance’s word for it.
The stolen coins were replaced with part of the SAFU fund, part of the futures insurance fund and Binance’s treasury. About 95% of the loss is covered; the last 5% sits in less liquid tokens outside the ten. Is Binance safe? The Binance proof of reserves report covers the backed part, and a new snapshot with more tokens follows on Wednesday, November 4, with its proof 40 to 50 hours later.
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How Much Money Left Binance After Withdrawals Reopened?
Less than the panic suggested. Binance withdrawals restarted on Sunday, and between 06:00 and 15:30 UTC on Sunday, users withdrew $4.649 billion and deposited $1.01 billion, a net outflow of about $3.64 billion.
That is 2.1% of the $171 billion Binance held in its last report from October 28. Most of it left in the first couple of hours, then withdrawals cooled while deposits kept coming. All 15 networks in phase one were open again by 12:36 UTC.
Changpeng Zhao put it his way: “98% choose to stay.” On Monday he also shared live figures showing $128.9 billion on Binance against $112.8 billion for 14 other exchanges combined.
SIDE TRAIL: Binance Withdrawals Resume Today in Phases, 95% of Stolen Funds Replaced
How Can You Check Your Own Binance Balance?
Log in, open Binance’s proof of reserves page and download the open-source verifier tool to your computer. A Merkle tree check confirms your account is in the Binance reserves snapshot, and the zk-SNARK proves the totals are covered without showing anyone’s balance.
Type the address yourself rather than tapping a link. “Scammers on over drive now,” Zhao warned on Sunday night, and a proof of reserves check is an easy story for a fake “verify your wallet” link.
BNB trades at $704 at the time of writing, down 1% on the day and below its 50-day moving average at $749. The next phase of withdrawals, for more networks, is planned for Tuesday, and the report on how the attacker got in is still to come.
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Teddy has been trading crypto since 2016. The focus is altcoins and EMA setups: finding coins sitting on key levels, waiting for support to hold or a range to be reclaimed, and trading the move from there. Bitcoin sets the tone, but the opportunities are usually in the alts.
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