Key takeaways Binance completes cryptographic verification for ten major cryptocurrencies Exchange reports 95% of stolen assets replenished Remaining tokens and financial risks require furthe
Binance has completed zero-knowledge proof-of-reserves verification for ten major cryptocurrencies following its $6.3 billion security breach, allowing customers to independently check whether their holdings are fully backed.
In its November 2 recovery announcement, the exchange confirmed that Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash have reserve coverage of at least 100%.
The announcement follows several days of uncertainty after Binance reported replenishing 90% of stolen assets, while customers awaited the reopening of withdrawals.
Binance now says approximately 95% of the affected assets have been replaced using corporate resources and insurance reserves.
Binance Verifies Ten Cryptocurrencies After $6.3 Billion HackThe latest verification covers a reserve snapshot taken at 00:00 UTC on October 31, shortly after the unprecedented cryptocurrency theft.
Binance generated its proof using a Merkle tree and zk-SNARK cryptography, allowing customers to confirm that their balances were included without exposing confidential account information.
The system is designed to demonstrate that the exchange holds sufficient reserves to cover reported customer balances for the ten supported assets.
However, the verification applies to the October 31 snapshot rather than guaranteeing future coverage.
The development follows an investigation into the security weaknesses behind Binance's $6.3 billion breach, which raised questions about internal authorization procedures and wallet infrastructure.
Binance plans another snapshot on November 4, expanding coverage to additional cryptocurrencies. Generating the accompanying cryptographic proof is expected to require 40–50 hours.
Binance Still Faces 5% Asset ShortfallDespite the verification milestone, Binance has not completed the entire replenishment process.
The remaining 5% consists primarily of less-liquid cryptocurrencies that are harder to acquire in sufficient quantities.
The exchange has pledged to absorb the financial impact rather than transfer losses to customers.
Meanwhile, withdrawals have created additional pressure. Binance experienced approximately $4.7 billion in net outflows following the reopening of withdrawal services.
Investigators are also monitoring stolen cryptocurrency movements, including two XRP transfers totaling approximately $101 million on November 2.
These transfers demonstrate that replenishing customer reserves does not necessarily mean stolen assets have been recovered from attackers.
Proof of Reserves Cannot Establish Complete SolvencyProof of reserves offers useful transparency but has important limitations.
Cryptographic verification can establish that reported customer liabilities are covered by identified assets at a particular moment. It does not automatically reveal all corporate debts, off-platform obligations or future liquidity requirements.
The distinction matters as Binance continues rebuilding confidence following an incident that sent BNB sharply lower and triggered wider market volatility.
