Binance completes latest proof of reserves as it works to restore assets, withdrawals after record hack

Binance said it has completed a new zero-knowledge proof of reserves snapshot, allowing users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC to independently verify that their balances are backed 1:1.

In its latest recovery update published Monday morning, the exchange said it replenished about 95% of the assets affected by last week's hack with its own funds, with the remaining 5% in less-liquid tokens it is still working to acquire.

"We've completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed," Binance Co-CEO Richard Teng wrote in a post on X. "There's still work to do, and we'll continue to communicate our progress openly."

Binance plans another reserves snapshot on Wednesday and said it expects to begin progressively restoring withdrawals for additional networks and assets on Tuesday.

"Computation is required from the snapshot to the updated full zero-knowledge proof, and the generation time depends on the number of tokens," Binance co-founder and co-CEO Yi He said on X. "It is currently estimated that generating the zero-knowledge proof will take about 40 to 50 hours after the snapshot is completed."

Binance's record $6 billion exploit

In the largest known crypto exploit on record, onchain investigators say that North Korean attackers exploited Binance's internal systems and wallet-signing mechanisms to move more than $6 billion in funds across multiple blockchains. On Sunday, SomaXBT said North Korean hackers laundered about $242 million of the funds stolen from Binance on Tron.

"The response from issuers, decentralized finance (DeFi) protocols and Binance itself was faster and better coordinated than anything the industry had previously managed, which we regard as a point of validation for several of the business models we cover, regulated custody most of all," StoneX analysts wrote Monday in a note to clients.

Binance's 24-hour net outflows fell to approximately $3.29 billion, down more than 50% from an earlier peak of around $7 billion, according to DeFiLlama. The data tracker estimates that Binance holds approximately $127.78 billion in assets across its linked onchain wallets.