Binance, the largest crypto exchange by volume, said it has generated a new zero-knowledge proof for its Proof of Reserves system, an upgrade intended to let users independently verify that the exchange holds enough assets to cover their account balances on a 1:1 basis.
The announcement, shared on Nov. 14, comes after a major cyberattack late last month. Binance said the update covers all assets affected by the attack and published reserve snapshots for six major cryptocurrencies.
Reserve ratios
According to Binance, its Bitcoin reserves stood at 100.05%, or about 688,283 BTC, compared with net user balances of 687,912 BTC. Ethereum reserves were 100.02%, while BNB and USDC recorded ratios of 100.39% and 100.07%, respectively.
Binance also reported reserve ratios of about 104.34% for Tether and 105.86% for Solana, indicating it holds more of those assets than the total amount owed to users.
Withdrawals and scope
Binance said withdrawals are being restored in batches, with the last phase scheduled for next week. The exchange said it continues to improve operations to replenish affected assets and tighten security.
Binance specified that its Proof of Reserves covers assets held in custody on behalf of users, rather than its entire corporate holdings. The exchange said the snapshots show reserves above users' net account balances across Bitcoin, Ethereum, Tether, BNB, Solana and USDC.
