Binance Publishes a Zero-Knowledge Proof of Reserves for Ten Assets and Says 95 Percent of the Hole Is Filled
Four days after the largest crypto theft on record, the exchange says bitcoin, ether, Tether and seven other tokens are backed at least 1:1, with more withdrawal rails due Tuesday.
Monday, November 2, 2026/3 min read
Binance delivered the reserves proof it promised, a day early and with a narrower scope than the exchange's usual report. On Monday it said it had completed a zero-knowledge proof of reserves showing that ten assets, bitcoin, ether, Tether's USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash, are backed by reserves of at least 100 percent, crypto.news reported. Users can log in and check their own balances against the proof with an open-source verifier.
The snapshot was taken at 00:00 UTC on 31 October, two days after the breach, and the proof itself took roughly 40 to 50 hours of computing to generate, according to the same report. Co-CEO Richard Teng said on X that there was still work to do and that the exchange would keep communicating its progress, The Block reported.
How much of the stolen $6.3 billion has Binance replaced?
About 95 percent, by its own account, up from 90 percent on Saturday and 80 percent the day before. The remaining 5 percent is in less liquid tokens that sit outside the ten-asset report, and Binance says it is sourcing them through market trades, over-the-counter deals and industry partners. The money comes from the Secure Asset Fund for Users, part of the futures insurance fund and corporate treasury; the exchange has committed to rebuilding SAFU to about $1 billion. We laid out the attack's timeline and the $6.3 billion figure in Friday's explainer.
Onchain investigators quoted by The Block attribute the theft to North Korean attackers who moved more than $6 billion across multiple blockchains by compromising Binance's internal systems and wallet-signing mechanisms. SomaXBT said about $242 million of the stolen funds had been laundered through Tron. Binance maintains that it found no evidence its private keys were exposed and that the entry point was a compromised DevOps engineer's laptop.
Are Binance withdrawals back to normal?
Not yet. Withdrawals resumed in stages on Sunday across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, the XRP Ledger, Arbitrum, Base, Optimism and Avalanche C-Chain. The next phase begins Tuesday, 3 November, but Binance has not published the full token list or activation times, crypto.news said.
The outflow numbers suggest the panic is easing rather than ending. DeFiLlama data cited by The Block put 24-hour net outflows at about $3.29 billion, more than 50 percent below a peak of around $7 billion, and one tracker estimated Binance still holds about $127.78 billion across its linked onchain wallets. StoneX analysts told clients the response had been faster and better coordinated than anything the industry had previously managed.
What did bitcoin do on Monday?
Very little. Bitcoin was $77,750.64 at 6:30 am Eastern, down $107 from the same time on Sunday, with ether at $2,281.82 and XRP at $1.24, Fortune's tracker showed. That leaves bitcoin down 8.3 percent over the month and 29.7 percent below its level a year ago, and well under the $126,198 record set on 6 October 2025. Since the hack the coin has held the mid-$70,000s, which, given that $6 billion walked out of the largest exchange's hot wallets, counts as composure.
Two dates now matter. Tuesday brings more withdrawal rails and, in the United States, the midterms; Wednesday, 4 November, brings a second snapshot covering more tokens, with another 40 to 50 hours of proof generation behind it. Until that wider proof lands, the ten-asset report is a floor, not the whole picture.
Published in The Outspoken Digest
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