Binance verifies 1:1 backing for top 10 assets after $6.3B hack
CIE News ·
Based on reporting by crypto.news; not yet independently confirmed.
Binance completed a zero-knowledge Proof of Reserves verification showing 1:1 backing for 10 major assets following an October 29 exploit, using corporate and SAFU funds to cover shortfalls.
Binance completed its zero-knowledge Proof of Reserves verification for ten major cryptocurrencies on November 2, 2026, confirming at least 1:1 asset backing following a reported $6.3 billion hack on October 29. The verification covers Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD, and Zcash (ZEC). Customers can verify their balances using zk-SNARKs and Merkle tree tools benchmarked against an October 31 snapshot at Bitcoin block 973,895.
According to crypto.news, the exchange reported reserve ratios of 100% for USDT and 106.08% for USDC. Binance tapped its Secure Asset Fund for Users (SAFU) and approximately $5 billion in corporate funds to replace stolen tokens. The exchange stated it has covered around 95% of the total shortfall, with remaining deficits concentrated in less liquid tokens that are still being sourced through market and over-the-counter purchases.
Concurrent with the verification release, Binance reopened stablecoin withdrawals across Ethereum, Tron, Solana, Arbitrum, Avalanche C-Chain, and BNB Smart Chain. The exchange plans to conduct another reserve snapshot on November 4, 2026, to incorporate a broader list of assets.
Key facts
- 10 assets backed at least 1:1
- 100% USDT and 106.08% USDC ratio
- $5B corporate funds and SAFU used
- Snapshot at BTC block 973,895
Read the original at crypto.news