Binance's reserve proof now spans 44 tokens as it refills 98% after hack

Binance's recovery update landed Nov. 4 with a bigger safety net on paper: the exchange's latest Proof of Reserves snapshot now covers 44 tokens, up from the 10 in its previous report. The snapshot was captured at 7 p.m. ET on Nov. 3 and posted to Binance's Proof of Reserves site. The cryptographic proof behind it isn't finished — Binance figures the computation will eat 50 to 60 hours — but once it's done, holders of the covered tokens can independently check that their balances are backed at least 1:1.

On the money side, Binance says it has replenished about 98% of the assets hit by the hack, up from roughly 95% in its Nov. 2 update. The exchange puts the total impact at $6.3 billion. The last sliver is the slow part: Binance is sourcing the remaining tokens through market and over-the-counter channels, and says that final 2% will take longer because those assets are less liquid. It repeated that it has parked more than enough of its own resources to absorb the losses rather than hand them to users.

Customers still don't have the keys to the whole kingdom. In a post on X, Binance Co-CEO Richard Teng wrote that there's still work ahead, including fully reopening withdrawals and strengthening safeguards. Bitcoin withdrawals started flowing again on Nov. 1, and a Nov. 3 notice laid out a progressive rollout for more assets — with a warning that they won't all unlock at once. Binance is telling users to check their asset and network on the withdrawal page or its network status page to see what's actually available.

The verification machinery is a Merkle tree — a cryptographic digest of customer balance records — paired with zero-knowledge proofs, so users can confirm their balances are folded into the totals Binance reports. Binance's own guide is blunt that a reserve report is a snapshot, not a live look at the books. Separately, on Nov. 1 the exchange added newly generated wallet addresses to its reserve-address list and said all future withdrawals would be processed from them. Knowing which wallets pay out is a different thing from cryptographically proving your balance is in the snapshot.

The 44-token report builds on an earlier, smaller one that's fully done. In its Nov. 2 notice, Binance said it had completed the full zero-knowledge proof for a snapshot taken at 8 p.m. ET on Oct. 30, covering BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. That ten-token set is the baseline the exchange is now expanding from.