Binance reported on Nov. 12 that it finished covering all assets hit in its Oct. 29 hack involving $6.34 billion in digital assets. The exchange stated, "Binance has completed coverage of assets impacted in the security incident and we have published a new Proof of Reserves snapshot." Yi He reposted this statement on X with a one-word caption: "100%." Users cannot verify this claim independently because the exchange has not yet released the zero-knowledge proof. This cryptographic check would let each customer confirm their balance is counted in the reserve total without revealing anyone else’s data.
Reserve ratios and excess balances
The Binance Proof of Reserves page showed specific ratios for different assets on Nov. 13. These figures compare the onchain wallet balance to net account balances.
| Asset | Reserve Ratio |
|---|---|
| Bitcoin | 100.05% |
| Ether | 100.02% |
| USDT | 104.34% |
For USDT, the onchain wallet balance was about 1.06 billion tokens higher than net account balances. This total includes about 306.7 million USDT held by third-party custodians.
Replenishment from company funds
Binance replenished the affected assets using its own funds following the Oct. 29 hack. A Nov. 2 update noted that the share covered reached about 95% of the impacted amount. Binance also stated that about $2.85 billion of the stolen assets were frozen or intercepted, though this figure remains subject to verification. While a previous update estimated the next proof would take 40 to 50 hours to complete, the Nov. 12 post did not say when the current proof will be ready. Users must wait for the zero-knowledge proof to confirm assets are backed at a minimum of 1:1.
