Binance, the world’s largest crypto exchange by volume, has continued to deploy new measures to strengthen security on its exchange after it suffered the biggest cyberattack ever seen in the history of crypto late last month.
In a bid to foster transparency and regain its users' trust, Binance has just announced the completion of a major upgrade to further strengthen its security.
Binance backs all Bitcoin and Ethereum reserves
In an announcement shared on November 14, Binance said that it has generated a new zero-knowledge proof for its Proof of Reserves (PoR) system.
According to Binance, the upgrade allows users to independently verify that it holds sufficient assets to cover their account balances on a 1:1 basis.
The exchange further shared snapshots to prove that it maintains reserves above its users' net account balances across six major cryptocurrencies, boosting their confidence in its operating standards.
It also added that the update covers all assets affected by the recent attack, and the exchange showcased its reserves for the following crypto assets: Bitcoin, Ethereum, Tether, BNB, Solana, and USDC.
Binance completes coverage for all affected cryptos
While withdrawals are being restored in batches, with the last phase scheduled for next week, Binance has continued to improve its operations to replenish all affected assets and tighten security to regain users' trust.
Following its latest move, Binance revealed that its Bitcoin reserves are currently at 100.05%, slightly above the 100% mark. This means that Binance's Bitcoin reserves amount to about 688,283 BTC, substantially above its net user balances of 687,912 BTC.
The case is similar for the rest of the tokens: Ethereum reserves are at 100.02%, while BNB and USDC recorded ratios of 100.39% and 100.07%, respectively.
While Binance also reported stronger reserve ratios for USDT and SOL, at about 104.34% and 105.86%, respectively, it is evident that Binance holds more of these assets than the total amount owed to users.
Binance has specified that the Proof of Reserves covers assets that are in its custody on behalf of users, rather than its entire corporate holdings, assuring users that their funds are fully backed.
