Binance Completes Proof of Reserves Verification After Replenishing 95% of Hacked Assets
Binance has completed its latest Proof of Reserves verification as the cryptocurrency exchange continues recovering from a security breach that resulted in more than $6 billion in stolen assets. The company also confirmed that it has replenished approximately 95% of the affected assets using its own funds, while work continues to replace the remaining tokens.
According to Binance’s latest reserve recovery update on Monday, The latest verification uses zero-knowledge technology to demonstrate that customer holdings are backed on a 1:1 basis. The assessment covers 10 cryptocurrencies, allowing eligible users to independently check their balances through Binance's reserve verification system.
Binance Expands Reserve Transparency
Binance Co-CEO Richard Teng announced the completed verification on X, emphasizing the exchange's commitment to transparency during its recovery efforts.
“We’ve completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed,” Teng wrote.
The verification includes Bitcoin (BTC), Ethereum (ETH), XRP, BNB, Solana (SOL), USDT, USDC, USD1, Ripple USD (RLUSD), and Zcash (ZEC). Customers holding the supported assets can use the exchange's verification system to check whether their balances are included in the reserve assessment.
Binance said the remaining 5% of affected assets consists primarily of tokens with limited market liquidity. The exchange is working to acquire the outstanding assets as part of its recovery program.
Another Reserve Snapshot Planned
Binance plans to conduct another reserve snapshot on Wednesday to provide an additional demonstration of customer asset coverage. The exchange is also gradually restoring cryptocurrency withdrawals across blockchain networks affected by the incident.
Co-founder and Co-CEO Yi He said producing complete zero-knowledge proofs requires substantial computational resources after each snapshot. She estimated that generating an updated cryptographic verification would take approximately 40 to 50 hours, depending on how many cryptocurrencies are included in the assessment.
The reserve checks form part of Binance's broader response to the security breach, which affected multiple blockchain networks. Blockchain investigators attributed the attack to North Korean hackers who allegedly compromised internal systems and wallet authorization mechanisms.
On Sunday, blockchain investigator SomaXBT reported that attackers had laundered approximately $242 million through the Tron network.
Binance Restores More Cryptocurrency Withdrawals
In its sixth security recovery announcement, published November 3, According to Binance’s sixth security recovery announcement, Binance confirmed that another phase of cryptocurrency withdrawal restorations would begin at 04:00 UTC. Access to additional assets is being reinstated progressively after security and operational readiness checks.
The exchange cautioned that eligible cryptocurrencies would not all become available at the same time. Each asset and blockchain network must undergo its own verification before withdrawals can resume.
Binance also said deposit services remain operational and are not affected by the withdrawal restoration process. However, users may encounter temporary processing delays as transaction volumes increase during the reopening.
The exchange reiterated that it would absorb the financial impact of the stolen cryptocurrency rather than pass the losses on to customers.
Binance Net Outflows Fall From Earlier Peak
StoneX analysts highlighted the coordinated response involving cryptocurrency issuers, decentralized finance protocols, and Binance following the breach. They described the recovery efforts as evidence of improving coordination among providers across the cryptocurrency infrastructure sector.
Meanwhile, data from DeFiLlama showed Binance's 24-hour net outflows declining to approximately $3.29 billion, down from an earlier peak near $7 billion. The reduction exceeded 50%, while blockchain wallets linked to the exchange held an estimated $127.78 billion in assets.
The completed Proof of Reserves verification, replenishment of approximately 95% of affected assets, and phased restoration of withdrawals mark several developments in Binance's recovery. The exchange continues working to acquire the remaining assets and reopen withdrawal access as individual networks pass its operational checks.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.