Binance Publishes Verification for October 31 Reserve Snapshot
After a security incident, Binance says users can verify balances in its October 31 ten-asset reserve snapshot; a wider snapshot is planned for November 4.
Binance published Recovery Update #5 on November 2 as part of its response to a recent security incident. The exchange said it had completed the zero-knowledge proof for its proof-of-reserves snapshot taken at 00:00 UTC on October 31. The snapshot covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, and users holding any of these tokens can use Binance's verification tool to check that their balances are backed at least 1:1.
A second snapshot covering more tokens is planned for November 4. Binance estimates the zero-knowledge proof for it will take about 40 to 50 hours to generate.
According to the exchange, about 95% of the amount affected by the incident has been covered. The remaining 5% consists of less liquid tokens outside the ten listed above, which Binance is still sourcing with industry partners. Binance has said it will absorb the financial impact of the stolen funds rather than pass it on to users.
The next phase of withdrawals for more assets and networks was planned for November 3 as a progressive rollout, with details to be shared once ready.
Source: Official exchange announcement
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