Binance adds zero-knowledge proofs to its proof-of-reserves check

Binance says it has finished a major security upgrade. In a November 14 announcement, the exchange said it generated a fresh zero-knowledge proof for its Proof of Reserves system, letting users independently verify it holds enough assets to cover their account balances on a 1:1 basis.

The snapshot covers six assets: Bitcoin, Ethereum, Tether, BNB, Solana and USDC. Binance said the update includes every asset affected by the recent attack, which it has described as the biggest cyberattack in crypto's history, hitting the exchange late last month.

The published ratios lean above 100% across the board. Bitcoin reserves sit at 100.05%, working out to about 688,283 BTC against 687,912 BTC in net user balances. Ethereum comes in at 100.02%, BNB at 100.39% and USDC at 100.07%. Binance reported bigger cushions on USDT and SOL, at roughly 104.34% and 105.86%.

Withdrawals are still being switched back on in batches, with the final phase set for next week. Binance says it is replenishing the affected assets and tightening security to win back users' confidence. The exchange added that the Proof of Reserves covers assets it holds in custody for users, not its entire corporate holdings, so those funds are fully backed.