Binance Finishes zk-SNARK Proof for Oct. 31 Reserves

Binance said it finished a zk-SNARK cryptographic proof covering a reserves snapshot taken at 00:00 UTC on October 31, 2026, according to Crypto Briefing. The outlet reports the proof covers a basket of major holdings — including BTC, ETH, USDT, BNB and SOL alongside several other tokens — and found each was backed at a ratio of at least 1:1 as of that snapshot. Bitcoin reserves came in at 100.04% backing and BNB at 101.30%, per the report.

The disclosure follows a hot wallet drain that Crypto Briefing says removed roughly $6.3 billion from Binance on October 29 and 30, 2026. As of November 2, Binance reported it had recovered about 95% of the affected assets, with the remaining 5% attributed to less-liquid tokens not among those covered in the current proof, the outlet said. Binance also said withdrawals would resume in phases beginning November 1.

Per Crypto Briefing, the verification method relies on a Merkle tree that compresses every customer balance into one cryptographic fingerprint, letting holders of the covered tokens independently confirm their balance was included. A verification tool is accessible through Binance's Proof of Reserves website and its GitHub page, the outlet noted.

Binance said it plans to publish a further reserves snapshot on November 4, 2026, intending to broaden the list of tokens included. Crypto Briefing said it is not yet known whether that update will capture the tokens tied to the unrecovered 5%, or whether the zk-SNARK proof itself has faced independent outside verification. Specifics of the underlying security incident have not been disclosed, according to the outlet.