News · Security & Hacks
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.
Key point 1 of 3
01
Binance reported covering all losses from its Oct. 29 security incident using corporate capital, showing 1.06 billion excess USDT on its reserve page .
Key point 2 of 3
02
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 .
Key point 3 of 3
03
Zero-knowledge proofs for the latest snapshot are still generating, leaving users temporarily unable to independently verify individual balances .
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…
Why it matters
Binance depositors are shielded from direct balance haircuts, though institutional and retail users must wait for cryptographic proof to audit exchange liabilities against onchain…
What to watch
The release of the completed zero-knowledge cryptographic proof allowing users to audit their net balances against the new snapshot .
Sources
Built from 1 primary source, machine-checked before publication.
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