Binance Releases New Proof-of-Reserves Snapshot After Replenishing $6.34 Billion in Stolen Crypto

Binance proof-of-reserves report showing updated Bitcoin, Ethereum, USDT and BNB holdings following the October 29 security incident.

Binance has published an additional proof-of-reserves snapshot dated November 12, providing updated figures for customer cryptocurrency holdings after an October 29 hack involving approximately $6.34 billion in crypto assets. The exchange said it had fully replenished the affected assets, while the latest disclosure showed mixed changes in its Bitcoin, Ethereum, USDT and BNB reserves.

According to information shared by Wu Blockchain, Binance's latest reserve figures compare user balances on November 12 with those recorded on November 4. Bitcoin (BTC) holdings increased by 0.35% over the period, reaching approximately 687,900 BTC. This represented an increase of 2,388 BTC.

Ethereum (ETH) reserves also recorded growth, rising 1.04% to approximately 3.48 million ETH. Meanwhile, Binance's holdings of Tether's USDT stablecoin moved in the opposite direction, declining 3.68% to 24.3 billion tokens. The reduction amounted to approximately 928 million USDT.

BNB, Binance's native ecosystem token, also registered an increase. Its reported holdings climbed 1.03% to approximately 42.95 million tokens, according to the November 12 reserve disclosure.

Additional Reserve Review Follows October 29 Hack

The latest publication is notable because it falls outside Binance's usual monthly proof-of-reserves reporting schedule. The exchange conducted the additional review following the October 29 security incident, which involved approximately $6.34 billion in cryptocurrency assets.

Binance said it had fully replenished the affected assets. The additional reserve disclosure provides an updated view of customer holdings after that incident, allowing users to compare the reported balances with figures from November 4.

Proof of reserves is a disclosure mechanism through which cryptocurrency exchanges provide information about assets held on behalf of customers. These reports are intended to offer greater visibility into an exchange's reported holdings and provide users with additional information about the assets backing customer balances.

However, changes in reserve balances do not necessarily indicate equivalent movements in customer deposits or withdrawals. The figures in Binance's latest snapshot reflect changes in the reported holdings of individual cryptocurrencies, rather than providing a complete explanation of the reasons behind those movements.

Bitcoin and Ethereum Reserves Rise as USDT Declines

The November 12 figures show that Bitcoin and Ethereum recorded increases alongside BNB, while USDT was the only one of the four reported assets to register a decline. Bitcoin reserves reached approximately 687,900 BTC, Ethereum holdings stood at 3.48 million ETH, and BNB reserves totaled approximately 42.95 million tokens.

USDT holdings, meanwhile, fell to 24.3 billion tokens after a reduction of 928 million USDT from the November 4 comparison level. Binance's decision to publish an additional reserve snapshot, rather than wait for its usual monthly disclosure, followed the exchange's confirmation that it had replenished the approximately $6.34 billion in assets affected by the October 29 hack.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.