--- title: "Binance Refills Reserves After $6.3B Exploit but Delays Cryptographic Verification" description: "The exchange's reserve page shows a 104.3% ratio for Tether with a 1.06 billion USDT surplus, but user zero-knowledge proofs remain pending." url: https://basisdesk.news/news/binance-reserves-surplus-post-hack-zk-proof-pending published: 2026-11-13T12:16:09.030Z modified: 2026-11-13T12:16:09.030Z section: Security & Hacks author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC, ETH, USDT] tags: [binance, proof-of-reserves, hacks, stablecoins, custody] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Binance Refills Reserves After $6.3B Exploit but Delays Cryptographic Verification The exchange's reserve page shows a 104.3% ratio for Tether with a 1.06 billion USDT surplus, but user zero-knowledge proofs remain pending. ## At a glance - **What happened:** Binance published a reserve snapshot showing 1.06 billion surplus USDT after using internal funds to cover its $6.34 billion Oct. 29 exploit. - **Why it matters:** The exchange absorbed customer losses directly, though depositors cannot independently audit holdings until cryptographic zero-knowledge proofs finish generating. - **Who is affected:** Binance exchange users holding BTC, ETH, and USDT balances. - **What's next:** Binance will publish the completed zero-knowledge proof enabling individual balance verification. - **Primary source:** [Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill](https://unchainedcrypto.com/binances-reserve-page-shows-1-06-billion-more-usdt-than-customer-balances-after-hack-refill/) — unchainedcrypto.com ## Key points - Binance reported covering all losses from its Oct. 29 security incident using corporate capital, showing 1.06 billion excess USDT on its reserve page [1]. - Reserve ratios on Nov. 13 stood at 100.05% for BTC, 100.02% for ETH, and 104.34% for USDT, including 306.7 million USDT held with external custodians [1]. - Zero-knowledge proofs for the latest snapshot are still generating, leaving users temporarily unable to independently verify individual balances [1]. ## Editorial remark - **Context:** An Oct. 29 exploit drained an estimated $6.34 billion from Binance, forcing the exchange to absorb customer losses directly from company reserves while attempting to freeze stolen assets [1]. - **Impact:** Binance depositors are shielded from direct balance haircuts, though institutional and retail users must wait for cryptographic proof to audit exchange liabilities against onchain wallets [1]. - **Watch:** The release of the completed zero-knowledge cryptographic proof allowing users to audit their net balances against the new snapshot [1]. 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](https://basisdesk.news/news/binance-reopens-bitcoin-withdrawals-after-exploit) and published an initial [zero-knowledge proof of reserves](https://basisdesk.news/news/binance-publishes-zk-proof-of-reserves-hack-recovery) 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]. ## Sources 1. [Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill](https://unchainedcrypto.com/binances-reserve-page-shows-1-06-billion-more-usdt-than-customer-balances-after-hack-refill/) — unchainedcrypto.com, 2026-11-13 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai