📌 Trust in the wake of the Binance incident took a substantive step toward being restored today: a complete ZK proof for the 10-31 08:00 (UTC+8) snapshot has been generated. Holders of the ten tokens can download the verification tool themselves and run it locally to confirm whether their account balances are covered 1:1.
🔍 The significance of this step is that it turns “Do you trust us?” into “Can you verify it?” The Merkle Tree proves that your account was included in the snapshot, while zk-SNARK proves that total reserves meet the required level. Neither requires anyone’s balance to be made public. The technology itself isn’t new, but this is the first time it has been used in crisis communications by an exchange with $171 billion in assets.
Consider two other figures alongside this: the coverage ratio has risen from 90% in the 10-31 announcement to 95% in the 11-1 announcement. The remaining 5% consists of tokens outside the top ten by market cap, with lower liquidity. In the nine and a half hours after withdrawals reopened, net outflows totaled $3.64 billion, or 2.1% of AUM, before subsequently falling.
⚠️ Two reminders: download the verification tool and run it locally yourself—a green check mark on a webpage doesn’t count. The next snapshot will be generated on 11-4, and ZK computation is expected to take 40 to 50 hours. Reports during that interim period will all be based on the old snapshot.
🔍 The significance of this step is that it turns “Do you trust us?” into “Can you verify it?” The Merkle Tree proves that your account was included in the snapshot, while zk-SNARK proves that total reserves meet the required level. Neither requires anyone’s balance to be made public. The technology itself isn’t new, but this is the first time it has been used in crisis communications by an exchange with $171 billion in assets.
Consider two other figures alongside this: the coverage ratio has risen from 90% in the 10-31 announcement to 95% in the 11-1 announcement. The remaining 5% consists of tokens outside the top ten by market cap, with lower liquidity. In the nine and a half hours after withdrawals reopened, net outflows totaled $3.64 billion, or 2.1% of AUM, before subsequently falling.
⚠️ Two reminders: download the verification tool and run it locally yourself—a green check mark on a webpage doesn’t count. The next snapshot will be generated on 11-4, and ZK computation is expected to take 40 to 50 hours. Reports during that interim period will all be based on the old snapshot.
