Binance Refills Reserves After $6.3B Exploit but Delays Cryptographic Verification

Binance announced on Nov. 12 that it finished replenishing customer assets compromised during an Oct. 29 exploit valued at approximately $6.34 billion, publishing a new Proof of Reserves snapshot ¹. While the exchange stated that affected balances have been completely restored using internal funds, users cannot yet independently verify their individual accounts ¹. Binance stated that account-level verification will be possible once its zero-knowledge proof generation finishes, ensuring deposits are backed at a minimum 1:1 ratio ¹. Binance co-founder Yi He reposted the company's announcement with the caption "100%" ¹.

Reserve Ratios and Custody Figures

As viewed on Nov. 13, Binance's Proof of Reserves page showed onchain reserve ratios of 100.05% for $BTC, 100.02% for $ETH, and 104.34% for $USDT ¹. For Tether's stablecoin, the exchange's reported onchain wallet balance exceeded net customer liabilities by roughly 1.06 billion tokens ¹. This onchain total incorporates approximately 306.7 million USDT held with third-party custodians ¹. At the time of writing, the broader crypto market traded in extreme fear with a sentiment index of 20, as BTC traded at $69,397 and ETH at $1,962.

The update builds on Binance's earlier recovery efforts following heavy network stress, where Binance begins resuming withdrawals and published an initial zero-knowledge proof of reserves for 10 tokens after the Oct. 29 breach ¹. According to a Nov. 2 update, Binance resolved to absorb the losses directly rather than haircut user accounts, noting that approximately 95% of the affected volume had been covered at that stage ¹. Binance's incident disclosures also noted that roughly $2.85 billion of the stolen funds had been frozen or intercepted, though the exchange highlighted that this figure remains subject to verification ¹. Binance did not provide an exact completion date for the latest cryptographic verification run ¹.