Binance has finished a zero-knowledge proof-of-reserves verification covering ten major cryptocurrencies, providing customers a way to confirm their balances are fully backed following the exchange’s $6.3 billion security breach. The process relies on a reserve snapshot taken at 00:00 UTC on October 31, shortly after the incident was identified.

The verified assets are Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash. Binance stated that each shows reserve coverage of at least 100%. The proof combines Merkle tree structures with zk-SNARK cryptography, enabling users to check that their individual balances were included without revealing private account details.

Replenishment Progress and Remaining Shortfall

Binance reported that it has replenished approximately 95% of the assets affected by the breach using corporate resources and insurance reserves. The remaining 5% consists mainly of less-liquid tokens that are more difficult to acquire in the necessary quantities. The exchange has confirmed it will absorb the associated financial impact and will not pass losses on to customers.

Earlier statements indicated the firm had allocated roughly $6.34 billion of its own funds to cover the incident, holding about $5 billion in the affected tokens and acquiring the balance through market and over-the-counter channels. Industry partners separately froze approximately $3 billion in related assets.

Withdrawal Activity and Next Steps

Following the reopening of withdrawal services, Binance recorded net outflows of roughly $4.7 billion. The exchange plans to restore withdrawals for additional networks and assets progressively, beginning in stages on Tuesday, November 3.

A broader reserve snapshot is scheduled for November 4. Generating the corresponding zero-knowledge proofs for the expanded set of assets is expected to require 40 to 50 hours after the snapshot is taken.

Ongoing Investigation and Scope of Verification

Investigators continue to track movements of stolen assets, including two XRP transfers totaling nearly $101 million observed on November 2. The proof-of-reserves process demonstrates backing for customer balances in the listed tokens at the time of the snapshot but does not confirm recovery of the stolen cryptocurrencies.

While the cryptographic verification offers transparency on identified reserves matching reported customer liabilities for those ten assets, it covers only a specific moment in time. It does not account for all corporate liabilities, off-platform obligations or future liquidity needs. Binance has indicated it will maintain open communication on recovery progress as work continues.