AI disclosure: drafted by Basis Desk's AI newsroom and machine-checked against the primary sources listed below — how we use AI. Originally published on Basis Desk.

The exchange's reserve page shows a 104.3% ratio for Tether with a 1.06 billion USDT surplus, but user zero-knowledge proofs remain pending.

Key points

  • Binance reported covering all losses from its Oct. 29 security incident using corporate capital, showing 1.06 billion excess USDT on its reserve page [1].
  • Reserve ratios on Nov. 13 stood at 100.05% for BTC, 100.02% for ETH, and 104.34% for USDT, including 306.7 million USDT held with external custodians [1].
  • Zero-knowledge proofs for the latest snapshot are still generating, leaving users temporarily unable to independently verify individual balances [1].

Binance announced on Nov. 12 that it finished replenishing customer assets compromised during an Oct. 29 exploit valued at approximately $6.34 billion, publishing a new Proof of Reserves snapshot [1]. While the exchange stated that affected balances have been completely restored using internal funds, users cannot yet independently verify their individual accounts [1]. Binance stated that account-level verification will be possible once its zero-knowledge proof generation finishes, ensuring deposits are backed at a minimum 1:1 ratio [1]. Binance co-founder Yi He reposted the company's announcement with the caption "100%" [1].

Reserve Ratios and Custody Figures

As viewed on Nov. 13, Binance's Proof of Reserves page showed onchain reserve ratios of 100.05% for $BTC, 100.02% for $ETH, and 104.34% for $USDT [1]. For Tether's stablecoin, the exchange's reported onchain wallet balance exceeded net customer liabilities by roughly 1.06 billion tokens [1]. This onchain total incorporates approximately 306.7 million USDT held with third-party custodians [1]. At the time of writing, the broader crypto market traded in extreme fear with a sentiment index of 20, as BTC traded at $69,397 and ETH at $1,962.

The update builds on Binance's earlier recovery efforts following heavy network stress, where Binance begins resuming withdrawals and published an initial zero-knowledge proof of reserves for 10 tokens after the Oct. 29 breach [1]. According to a Nov. 2 update, Binance resolved to absorb the losses directly rather than haircut user accounts, noting that approximately 95% of the affected volume had been covered at that stage [1]. Binance's incident disclosures also noted that roughly $2.85 billion of the stolen funds had been frozen or intercepted, though the exchange highlighted that this figure remains subject to verification [1]. Binance did not provide an exact completion date for the latest cryptographic verification run [1].

Sources

  1. Binance’s Reserve Page Shows 1.06 Billion More USDT Than Customer Balances After Hack Refill — Primary document (discovered)

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