Binance releases post-hack proof of reserves, lets users verify 1:1 backing for 10 major tokens
Binance said users holding 10 major assets on the exchange can now verify that those balances were backed at at least a 1:1 ratio in a reserve snapshot taken on Oct. 31. The exchange announced at 8:45 p.m. Taipei time on Nov. 2 that the full zero-knowledge proof for that snapshot had been completed within its expected timeline. Binance said the covered assets include BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, and repeated that it would absorb the financial impact of the theft rather than pass losses on to users. The proof combines a Merkle Tree, which lets users confirm their balances were included in the snapshot, with a zk-SNARK proof showing aggregate reserves were at least 1:1 without exposing individual balances. Binance also said about 95% of the affected amount has already been replenished, while the remaining 5% involves lower-liquidity tokens outside the 10 listed assets. A new snapshot covering more tokens is planned for Nov. 4, with the resulting proof expected to take 40 to 50 hours to generate.
