The announcement, shared on November 14, comes as Binance continues efforts to strengthen its security infrastructure and restore user confidence following what the source article describes as the largest cyberattack in crypto history late last month.
The latest update extends reserve verification to six major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), and USD Coin (USDC). Binance also published reserve snapshots showing that its holdings exceed the corresponding net balances owed to users across these assets.
Binance Publishes Updated Bitcoin and Ethereum Reserves
According to the exchange, the new zero-knowledge proof allows users to verify that their account balances are backed by sufficient assets without relying solely on Binance's assurances.
Binance reported a Bitcoin reserve ratio of 100.05%, representing approximately 688,283 BTC held against net user balances of 687,912 BTC. The reported figures place its Bitcoin reserves slightly above the total amount owed to customers.
Other major cryptocurrencies also recorded reserve ratios above 100%. Ethereum reserves stood at 100.02%, while BNB and USDC registered ratios of 100.39% and 100.07%, respectively.
Binance reported even higher coverage for its stablecoin and Solana holdings. USDT reserves reached approximately 104.34%, while Solana reserves stood at 105.86%.
These figures indicate that the exchange reported holding more of each listed cryptocurrency than the corresponding net balances in user accounts.
Proof of Reserves Covers Assets Affected by Recent Attack
The upgrade is part of Binance's broader efforts to address the operational impact of the recent security incident. The exchange has continued working to replenish affected assets, strengthen its security measures, and restore normal withdrawal services.
Withdrawals are reportedly being restored in batches, with the final phase scheduled for next week, according to the source report.
The latest Proof of Reserves update also covers all assets affected by the attack, expanding the scope of the exchange's reserve verification process.
Binance Clarifies the Scope of Its Reserve Verification
Binance emphasized that its Proof of Reserves system accounts for assets held in custody on behalf of users. It does not represent the exchange's entire corporate holdings.
This distinction is important when interpreting the published reserve ratios, as the figures are intended to demonstrate coverage of customer account balances rather than provide a complete picture of Binance's overall financial position.
With the introduction of the updated zero-knowledge proof system and reserve snapshots covering six major cryptocurrencies, Binance is expanding the tools available to users to independently assess whether their holdings are backed by sufficient assets.
source: u.today
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
