Summary
- Binance completed its Proof of Reserves verification, confirming customer asset backing while replenishing approximately 95% of funds affected by hackers.
- The exchange expanded cryptocurrency withdrawal access across additional networks, maintaining deposit services while conducting security checks and restoring customer transactions.
- Binance recorded declining net outflows as recovery efforts progressed, with blockchain investigators linking the massive security breach to North Korean hackers.
According to Binance’s latest reserve recovery update on Monday, the verification uses zero-knowledge technology to demonstrate 1:1 backing for customer holdings. The announcement covers ten cryptocurrencies, including Bitcoin, Ethereum, XRP, BNB, Solana, and several stablecoins.
Binance Co-CEO Richard Teng confirmed the development through X, emphasizing the exchange’s commitment to transparency during its recovery operations.
“We’ve completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed,” Teng wrote.
The verification also covers USDT, USDC, USD1, Ripple USD (RLUSD), and Zcash (ZEC). Customers holding these assets can independently verify their balances through the exchange’s reserve verification system.
Meanwhile, Binance confirmed that the remaining 5% of affected assets consists primarily of tokens with limited market liquidity. The company is working to acquire those assets as part of its recovery efforts.
Also Read: Bitcoin ETFs Lose $643 Million as Binance Hack Triggers Investor Withdrawals
Binance Schedules Additional Reserve Checks as Withdrawal Recovery Advances
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Binance plans to conduct another reserve snapshot on Wednesday to demonstrate customer asset coverage. The exchange has also been restoring withdrawal services across blockchain networks affected by the security incident.
According to Binance co-founder and Co-CEO Yi He, generating complete zero-knowledge proofs requires substantial computational processing after each snapshot. Yi He estimated that producing the updated cryptographic verification would require approximately 40 to 50 hours. The processing period depends on the number of cryptocurrencies included in the reserve assessment.
Separately, Binance’s recovery measures follow an attack that drained more than $6 billion across multiple blockchain networks. Blockchain investigators attributed the exploit to North Korean hackers who allegedly compromised internal systems and wallet authorization mechanisms.
On Sunday, blockchain investigator SomaXBT reported that attackers had laundered approximately $242 million through the Tron network.
Binance Confirms Additional Withdrawal Restorations Beginning November 3
In its latest recovery update published November 3, Binance confirmed another phase of cryptocurrency withdrawal restorations beginning at 04:00 UTC. According to Binance’s sixth security recovery announcement, additional assets will regain withdrawal access progressively following successful security and operational readiness checks.
The exchange clarified that not all eligible cryptocurrencies would become available simultaneously, with each network and asset undergoing separate verification.
Binance also confirmed that deposit services remain operational and unaffected by the withdrawal restoration process. Customers may experience temporary processing delays as transaction volumes increase during the reopening. Additionally, Binance reaffirmed its commitment to covering the financial impact of the stolen cryptocurrency without transferring losses to customers.
Binance Outflows Decline as Recovery Efforts Progress
StoneX analysts highlighted the coordinated response involving cryptocurrency issuers, decentralized finance protocols, and Binance following the security breach. The analysts described the recovery efforts as evidence of improved coordination across cryptocurrency infrastructure providers.
Meanwhile, DeFiLlama data showed Binance’s 24-hour net outflows declining to approximately $3.29 billion from an earlier peak near $7 billion. The reduction exceeded 50%, while the platform’s linked blockchain wallets held an estimated $127.78 billion in assets.
Binance’s completed reserve verification and 95% asset replenishment represent major developments in its recovery process. The exchange is also expanding withdrawal access while working to replace the remaining affected assets.
