Binance releases zero‑knowledge proof of reserves for ten tokens after $6.34 bn hack
Binance completed a zk‑SNARK proof‑of‑reserves for ten assets, including BTC, ETH, BNB, SOL, XRP and ZEC, based on its October 31 snapshot. The exchange said it has covered roughly 95 % of the stolen funds using its SAFU emergency reserve and other company assets, and it will run a broader snapshot on November 4. Withdrawals have resumed in phases, with some token‑specific delays. The hack, estimated at US$6.34 bn, is attributed by the FBI to a North Korea‑backed group, a claim denied by Pyongyang.
Why it matters
The company’s public proof and near‑full loss coverage aim to restore user confidence and may reduce pressure on Binance’s token balances, according to the exchange’s statements (). Investors can verify that each token is fully backed at least 1:1, which could mitigate further outflows.
Key facts
- 1Binance finished the zero‑knowledge proof for its October 31 snapshot covering ten tokens, including BTC, ETH, BNB, SOL, XRP and ZEC. finance.yahoo.com
- 2The hack on October 29 is estimated at roughly US$6.34 billion. kenya-today.com
- 3Binance pledged to cover the loss using its treasury, the SAFU emergency reserve and parts of its futures insurance funds. kenya-today.com
- 4Coverage of the stolen funds reached about 90 % by October 31, 95 % by November 2, and a later claim of 98 % as of the same snapshot. kenya-today.com
- 5A broader token snapshot is planned for November 4, with an estimated 40‑50 hours needed to generate proofs for additional tokens. finance.yahoo.com
- 6Withdrawals resumed in phases on November 3, with token‑specific availability and possible delays. kenya-today.com
Open questions
- Conflicting replenishment percentages: 90 % on Oct 31, 95 % on Nov 2, and a later claim of 98 % as of the same Oct 31 snapshot.
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.