Binance completes proof of reserves after $6.3B hack as withdrawals resume

Binance has provided new statistics that back its commitment to protecting customers after a hack that cost $6.3 billion. The company conducted a cryptographic verification of its reserves snapshot as of October 31 on Monday. It verified that at least ten major tokens are backed one-to-one. Its 335 million users can verify it for themselves, even though this is no solvency audit. What the latest proof shows Binance has issued its most recent reserves snapshot at 00:00 UTC on October 31. The document cites Bitcoin block 973895 as the benchmark. The latest proof presented uses Merkle tree and zk-SNARKs technologies. These cryptographic tools allow users to confirm the presence of their balance without handing account-specific details.

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