Hacking News
Binance Completes New Proof of Reserves as Hack Recovery Reaches 95%
Binance, the cryptocurrency exchange, has completed a fresh Proof of Reserves verification as it continues recovering from a significant security breach. The latest snapshot allows eligible users to independently confirm that Binance backs their holdings at least 1:1. The exchange has replenished approximately 95% of the stolen assets using its own funds, but it is sourcing the remaining tokens, which have lower market liquidity. The November 2 recovery update confirmed that BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC hold full backing. Binance completed its zero-knowledge proof using an October 31 reserves snapshot. Users can verify their balances through Binance’s Proof of Reserves website, which combines Merkle Trees and zk-SNARK technology without exposing individual account balances. Meanwhile, Binance continues addressing the remaining recovery challenges following the $6 billion exploit, which was attributed to North Korean hackers targeting internal systems and wallet-signing mechanisms. The exchange expects to progressively restore withdrawals across additional networks and assets starting November 3.