• Binance generated a new zero-knowledge proof for its Proof of Reserves system on November 14.
• The proof covers six assets: Bitcoin, Ethereum, USDT, BNB, Solana and USDC.
• Binance holds 688,283 BTC against 687,912 BTC in net user balances, a 100.05% ratio.
Zero-Knowledge Proof Upgrade
Binance generated a new zero-knowledge proof for its Proof of Reserves system on November 14, the latest move in the exchange's campaign to win back user confidence after the largest cyberattack in crypto history hit the platform late last month. The world's largest crypto exchange by trading volume announced the upgrade in a post on X, and its core claim is direct: every user can now independently verify that the platform holds enough assets to cover their account balance on a 1:1 basis. Proof of Reserves as a mechanism pairs a snapshot of holdings with a way for each customer to confirm their own balance was counted in that snapshot. Older implementations leaned on trusted third-party attestations; a zero-knowledge proof replaces that trust with cryptography, letting the aggregate statement be verified while individual account data stays hidden. Users are never asked to hand over private keys, and the verification layer sits apart from identity checks such as KYC onboarding. The new proof covers every asset affected by the breach: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL) and USD Coin (USDC). According to the exchange's announcement, backing for all compromised assets is now complete, so no affected token remains outside the attested pool. Binance also set the boundary of the claim: the proof attests to assets held in custody on behalf of users, not to the company's own corporate holdings. The operational picture runs in parallel. Withdrawals are being restored in batches, with the last phase scheduled for next week, and the reserve publication is tied to a broader replenishment and security-tightening program launched after the incident. After an exploit of this scale, the first questions customers ask are whether their funds still exist and whether they can leave; a cryptographically verifiable reserve statement answers the first one directly.
Reserve Ratios Across Six Assets
The snapshots published alongside the proof put Bitcoin coverage at 100.05%, with 688,283 BTC held against net user balances of 687,912 BTC. That is a surplus of roughly 371 BTC. Ethereum coverage reads 100.02%, BNB 100.39% and USDC 100.07%, each clearing the 100% line that the 1:1 promise depends on by a narrow margin. Wider buffers sit with Tether and Solana: USDT reserves stand at 104.34% and SOL at 105.86%, so the platform holds clearly more of both tokens than the total amount owed to users. A ratio below 100% would mean user claims exceed holdings, so the published margins, however slim, keep every listed asset on the right side of that line. Taken together, the reserve book is fully funded everywhere, but slack on the two largest balances is minimal. The ratios carry the same scope limit as the proof itself: they measure assets held for customers only, with corporate treasury holdings excluded from the published figures.
A Thin Margin on Bitcoin
The load-bearing document here is the exchange's own attestation, and it states two things at once. Coverage is complete across all six affected assets, yet the Bitcoin buffer above user balances is roughly 371 BTC, so a heavy withdrawal wave during next week's final restoration phase would draw directly on that margin. The stablecoin and Solana cushions, at 104.34% and 105.86%, leave more room on those books. The structural change is the verification method itself: users can check the math instead of taking a written reserve claim on faith, which lowers the trust a customer must place in the platform after a breach of this size. How quickly the final batch of withdrawals completes will be the next checkpoint; until then, these ratios are the clearest public measure of where the reserve book stands. Readers reviewing custody arrangements can consult our step-by-step Binance guide for account setup and security basics.
