The holder of $BTC now sees “95% covered” and “Proof of Reserves completed,” but these actually answer two different questions. The official update on November 2 said that approximately 95% of the affected amount had been replenished with platform funds; another development was that a zero-knowledge proof had been generated for the October 31, 00:00 UTC snapshot.
The former describes the post-incident fund recovery progress; the latter is a ledger check at a specific point in time. A Merkle tree lets users confirm that their balances are included in the liabilities set, while the zero-knowledge proof verifies that the reserves for the assets covered are at least 1:1, without disclosing individual balances. $ETH , $BNB , and BTC are among the ten assets that users can independently verify in this review.
But a snapshot is not continuous monitoring. It can prove the relationship between on-chain assets in scope and user balances at that time, but it cannot, on its own, show whether anything has changed since the snapshot, nor can a single proof rule out undisclosed liabilities, borrowed assets, or operational risks. Binance Academy’s own explanation of PoR explicitly notes this limitation.
A more useful step for users is to log in to the wallet audit page, check the audit time, covered assets, their own Merkle Leaf and Record ID, and then verify the results using the open-source verifier. Looking only at “95%” could lead you to mistake recovery progress for a conclusion about solvency, while focusing only on “1:1” could make it easy to overlook that this is just a snapshot.
I’m more interested in the next expanded snapshot planned for November 4, and when the remaining low-liquidity assets will be replenished. Sources: Binance’s November 2 recovery announcement, PoR page, and verification guide. Risk reminder: Proof of Reserves increases transparency, but it cannot replace withdrawal testing, account security, or diversified custody.
The former describes the post-incident fund recovery progress; the latter is a ledger check at a specific point in time. A Merkle tree lets users confirm that their balances are included in the liabilities set, while the zero-knowledge proof verifies that the reserves for the assets covered are at least 1:1, without disclosing individual balances. $ETH , $BNB , and BTC are among the ten assets that users can independently verify in this review.
But a snapshot is not continuous monitoring. It can prove the relationship between on-chain assets in scope and user balances at that time, but it cannot, on its own, show whether anything has changed since the snapshot, nor can a single proof rule out undisclosed liabilities, borrowed assets, or operational risks. Binance Academy’s own explanation of PoR explicitly notes this limitation.
A more useful step for users is to log in to the wallet audit page, check the audit time, covered assets, their own Merkle Leaf and Record ID, and then verify the results using the open-source verifier. Looking only at “95%” could lead you to mistake recovery progress for a conclusion about solvency, while focusing only on “1:1” could make it easy to overlook that this is just a snapshot.
I’m more interested in the next expanded snapshot planned for November 4, and when the remaining low-liquidity assets will be replenished. Sources: Binance’s November 2 recovery announcement, PoR page, and verification guide. Risk reminder: Proof of Reserves increases transparency, but it cannot replace withdrawal testing, account security, or diversified custody.
