--- title: "Binance Publishes Zero-Knowledge Proof of Reserves for 10 Tokens After $6.3B Exploit" description: "The cryptographic audit covers Bitcoin, Ethereum, and eight other assets, with Binance pledging over $6.34 billion to cover all user balances." url: https://basisdesk.news/news/binance-publishes-zk-proof-of-reserves-hack-recovery published: 2026-11-03T10:06:17.421Z modified: 2026-11-03T10:06:17.421Z section: Security & Hacks author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BNB, BTC, ETH, SOL, USDT, USDC] tags: [binance, proof-of-reserves, hacks, zk-snarks, safu] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Binance Publishes Zero-Knowledge Proof of Reserves for 10 Tokens After $6.3B Exploit The cryptographic audit covers Bitcoin, Ethereum, and eight other assets, with Binance pledging over $6.34 billion to cover all user balances. ## At a glance - **What happened:** Binance released an audited zero-knowledge proof of reserves verifying 1:1 backing for 10 assets following its Oct. 29 exploit. - **Why it matters:** The cryptographic verification proves user funds are covered by $6.34 billion in company and SAFU reserves, mitigating systemic solvency concerns. - **Who is affected:** Binance exchange depositors holding BNB, BTC, ETH, RLUSD, SOL, USD1, USDC, USDT, XRP, and ZEC. - **Takes effect:** 2026-10-31 - **What's next:** A gradual rollout of more asset withdrawals on Nov. 3 and a second reserve snapshot covering additional tokens on Nov. 4. - **Primary source:** [Binance Publishes Zero-Knowledge Reserve Proof for BTC, ETH and 8 Other Tokens After Hack](https://unchainedcrypto.com/binance-publishes-zero-knowledge-reserve-proof-for-btc-eth-and-8-other-tokens-after-hack/) — unchainedcrypto.com ## Key points - Binance issued zero-knowledge reserve proofs confirming at least 1:1 backing for 10 core assets following an Oct. 31 snapshot. - The exchange committed more than $6.34 billion from corporate funds and its SAFU reserve to fully cover balances after an Oct. 29 heist. - Roughly $3 billion of the stolen capital was frozen onchain by partners, with the next token reserve snapshot scheduled for Nov. 4. ## Editorial remark - **Context:** Attackers drained $6.3 billion on Oct. 29, penetrating Binance's internal signing architecture in one of the largest security failures in digital asset history. - **Impact:** Depositors holding the 10 audited assets can verify full backing independently, while Binance absorbs the multi-billion-dollar balance sheet hit using SAFU and treasury reserves. - **Watch:** The planned deployment of additional network withdrawal routes on Nov. 3 and the subsequent multi-token reserve snapshot scheduled for Nov. 4. Binance completed a zero-knowledge reserve audit verifying that user assets across 10 tokens are backed at least 1:1, the exchange announced on Nov. 2 [1]. The snapshot was taken at 00:00 UTC on Oct. 31, two days after hackers drained more than $6.3 billion from its hot wallets [1]. The initial verification covers $BNB, $BTC, $ETH, $RLUSD, $SOL, $USD1, $USDC, $USDT, $XRP, and $ZEC [1]. To demonstrate solvency without revealing individual customer account balances, the exchange deployed a system combining Merkle trees with zk-SNARK cryptographic proofs [1]. Users can verify their holdings by running Binance's open-source desktop verification tool locally against public GitHub code [1]. Binance stated that the tool has completed an independent security audit [1]. Binance co-CEO Yi He noted that generating the zk-proofs requires between 40 and 50 hours per cycle depending on the volume of assets assessed [1]. ## Recovery Efforts and Phased Rollout The reserve confirmation follows the Oct. 29 security incident where attackers looted hot wallets across multiple blockchains within roughly 20 minutes [1]. The FBI attributes the exploit to the North Korea-backed group TraderTraitor, according to TRM Labs [1]. Investigators, including security analysts from Pangolin Intelligence and Opsek, pointed toward a compromise of internal transaction-signing infrastructure rather than stolen master private keys [1]. External ecosystem partners—including Tether, Circle, and the Arbitrum Security Council—helped freeze roughly $3 billion in stolen funds onchain [1]. Binance committed more than $6.34 billion from its SAFU emergency fund and corporate reserves to reimburse all affected balances [1]. The exchange said coverage reached 90% by Oct. 31 and 95% by Nov. 1, with the remaining 5% held in less liquid tokens that require longer execution windows to acquire on open markets [1]. After pausing withdrawals immediately following the breach, Binance began a phased resumption on Nov. 1, scheduling the next phase of network reopenings for Nov. 3 and another reserve snapshot on Nov. 4 [1]. At the time of writing, $BTC traded at $76,971, down 1.2% over 24 hours. ## Sources 1. [Binance Publishes Zero-Knowledge Reserve Proof for BTC, ETH and 8 Other Tokens After Hack](https://unchainedcrypto.com/binance-publishes-zero-knowledge-reserve-proof-for-btc-eth-and-8-other-tokens-after-hack/) — unchainedcrypto.com, 2026-11-03 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai