Overview
- Binance says it finished a zk-SNARK plus Merkle-tree Proof of Reserves for an October 31 snapshot that covers ten tokens and shows those balances were backed at least 1:1.
- The proof covers Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and ZEC and lets account holders confirm their inclusion without revealing other users’ balances.
- The funding hole from the October 29 hot-wallet breach that drained about $6.3 billion has been replenished to roughly 95% with SAFU, part of the futures insurance fund and corporate treasury, leaving about 5% in hard-to-buy, less-liquid tokens.
- Binance resumed withdrawals in phases starting November 1 and announced a planned November 4 reserve snapshot to extend cryptographic coverage to more assets with an expected 40–50 hour proof generation window.
- Investigations point to a likely compromised DevOps engineer laptop as an entry vector, blockchain teams and partners have frozen portions of the stolen funds, and Binance says it is cooperating with law enforcement while it continues tracing and sourcing remaining tokens.