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Binance Publishes New Proof-of-Reserves Snapshot Following October Attack
Binance said on November 2 that it had completed a zero-knowledge proof-of-reserves procedure for a snapshot taken October 31, following the exchange’s…
Dextape brief
Binance said it finished a zero-knowledge reserve check based on a snapshot taken October 31, announcing the result on November 2. The check followed a security incident in late October. Ten major cryptoassets were covered, including Bitcoin, Ether, USDT, BNB, Solana, USDC and XRP, along with several dollar tokens. The company said its replenishment of affected assets had reached roughly 95 percent by then. Such a check shows whether exchange-held assets can cover customer balances on a given date, though the article notes it is not a comprehensive audit, a loss guarantee, or proof that all stolen funds came back. Binance also said another snapshot will follow on November 4, and that the proof process could take about 40 to 50 hours.
Why it matters: It gives customers a dated checkpoint instead of an undated assurance, though one positive result cannot certify later withdrawals or prevent another attack.
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Dextape context
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Terms in this story
- Zero-knowledge proof
- Cryptography that proves a statement is true without revealing the data behind it.
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