What we’ve been waiting for since Nov 1 is finally done: Binance’s reserve proof can now be checked for yourself, not just trusted.
The facts: Binance (fifth recovery update, Nov 2) said the zero-knowledge proof for the Oct 31, 00:00 UTC Proof of Reserves snapshot was completed within the estimated timeframe. Users can now independently verify ten tokens with at least 1:1 backing: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. You can do this with the open-source verification tool on the official Proof of Reserves page — the Merkle tree proves your balance is included in the calculation, while zk-SNARK proves total reserves cover balances without revealing individual balances. Binance also said around 95% of the stolen funds have been recovered, up from 90% on Oct 31; the remaining roughly 5% consists of less liquid tokens outside the top ten. The next snapshot is scheduled for Nov 4, with new proof 40–50 hours afterward, and the next withdrawal phase is planned to begin today, Nov 3, in stages.
My take: this is a real recovery milestone, but let’s be honest about its limits — this proof locks in the Oct 31 snapshot, not a guarantee going forward, and 95% isn’t 100%. The important change is that anyone can now test the 1:1 backing claim, rather than it being just an announcement. With BTC still around $77,000 ahead of tonight’s US election, verifiable proof like this is worth more than simply being told funds are safe.
What I’m watching: whether the Nov 4 snapshot and its new proof arrive on time, whether today’s staged withdrawals go smoothly, and when the remaining 5% is recovered.
What do you think: is independently verifiable proof enough to restore confidence, or will you still wait until withdrawals are operating normally?
This is my analysis, not financial advice — always DYOR.
#Binance #ProofOfReserves $BTC $ETH
The facts: Binance (fifth recovery update, Nov 2) said the zero-knowledge proof for the Oct 31, 00:00 UTC Proof of Reserves snapshot was completed within the estimated timeframe. Users can now independently verify ten tokens with at least 1:1 backing: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. You can do this with the open-source verification tool on the official Proof of Reserves page — the Merkle tree proves your balance is included in the calculation, while zk-SNARK proves total reserves cover balances without revealing individual balances. Binance also said around 95% of the stolen funds have been recovered, up from 90% on Oct 31; the remaining roughly 5% consists of less liquid tokens outside the top ten. The next snapshot is scheduled for Nov 4, with new proof 40–50 hours afterward, and the next withdrawal phase is planned to begin today, Nov 3, in stages.
My take: this is a real recovery milestone, but let’s be honest about its limits — this proof locks in the Oct 31 snapshot, not a guarantee going forward, and 95% isn’t 100%. The important change is that anyone can now test the 1:1 backing claim, rather than it being just an announcement. With BTC still around $77,000 ahead of tonight’s US election, verifiable proof like this is worth more than simply being told funds are safe.
What I’m watching: whether the Nov 4 snapshot and its new proof arrive on time, whether today’s staged withdrawals go smoothly, and when the remaining 5% is recovered.
What do you think: is independently verifiable proof enough to restore confidence, or will you still wait until withdrawals are operating normally?
This is my analysis, not financial advice — always DYOR.
#Binance #ProofOfReserves $BTC $ETH