Binance adds ZK verification to October 31 proof of reserves

Binance published a zero-knowledge proof of reserves for a snapshot taken at 00:00 UTC on October 31, 2026, per its official announcement. Ten assets made the cut: BTC$76,915.00▼1.17%, ETH$2,250.59▼0.46%, USDT$0.9988▼0.02%, BNB$697.26▼1.62%, SOL$92.07▼2.29%, USDC$0.9994▼0.02%, XRP$1.24▼0.49%, USD1, RLUSD, and ZEC.

The user-level claim is cryptographic. Binance says users with balances in those ten assets can independently verify minimum 1:1 backing — something previous proof-of-reserves methods didn’t actually offer at the individual level.

What this doesn’t settle is the broader recovery picture. Binance has said it’s covered approximately 95% of the impacted amount using its own funds. The remaining 5% consists of less liquid tokens sitting outside that top ten, which means users holding those assets aren’t covered by what was announced for October 31.

The underlying attack involved North Korean actors who exploited Binance’s internal systems and wallet-signing mechanisms, according to The Block.

Co-CEO Richard Teng said Binance had “completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed. There’s still work to do, and we’ll continue to communicate our progress openly.” Co-founder and co-CEO Yi He addressed the timeline question separately. Generating a full zero-knowledge proof takes an estimated 40 to 50 hours after the snapshot, depending on how many tokens are included.

That timing matches the October 31 snapshot. Snapshot at 00:00 UTC, completed proof announced November 2. Yi He attributed the gap to the computation required to turn raw snapshot data into something verifiable.

On losses, Binance was direct: “Binance will absorb the financial impact of the stolen funds, not our users.”

The Block reported 24-hour net outflows of approximately $3.29 billion, down from an earlier peak of around $7 billion — a decline of approximately 53% (($7 billion – $3.29 billion) / $7 billion). The Block also cited DeFiLlama estimates placing Binance’s holdings across linked onchain wallets at approximately $127.78 billion.

Binance plans another snapshot covering more tokens on November 4 and expects to begin progressively restoring withdrawals for additional networks and assets on Tuesday. Which networks and assets come first, the announcement doesn’t say.