🔐 BINANCE COMPLETES PROOF OF RESERVES — USERS CAN VERIFY THAT 10 TOKENS ARE BACKED AT LEAST 1:1
✅ Proof for the October 31 snapshot is complete
Binance has completed its privacy-preserving proof for the reserve snapshot taken at 00:00 UTC on October 31. Users holding any of the 10 tokens covered can verify for themselves that their balances are backed at a minimum 1:1 ratio.
🔍 Verification tool protects individual balances
Users can use the verification tool on Binance’s Proof of Reserves page. It combines a Merkle tree to compare balances against the snapshot with zk-SNARKs to prove reserves are sufficient without revealing individual account balances.
📊 Around 95% of losses have been recovered
Binance says it has recovered around 95% of the losses from the incident. The remaining 5% consists of low-liquidity tokens outside the 10 covered tokens, which Binance is working with industry partners to acquire.
🌤️ This gives users a way to verify for themselves rather than relying only on assurances. The market will look to the expanded snapshot expected on November 4 for further signs of recovery.
$BTC $ETH $BNB
✅ Proof for the October 31 snapshot is complete
Binance has completed its privacy-preserving proof for the reserve snapshot taken at 00:00 UTC on October 31. Users holding any of the 10 tokens covered can verify for themselves that their balances are backed at a minimum 1:1 ratio.
🔍 Verification tool protects individual balances
Users can use the verification tool on Binance’s Proof of Reserves page. It combines a Merkle tree to compare balances against the snapshot with zk-SNARKs to prove reserves are sufficient without revealing individual account balances.
📊 Around 95% of losses have been recovered
Binance says it has recovered around 95% of the losses from the incident. The remaining 5% consists of low-liquidity tokens outside the 10 covered tokens, which Binance is working with industry partners to acquire.
🌤️ This gives users a way to verify for themselves rather than relying only on assurances. The market will look to the expanded snapshot expected on November 4 for further signs of recovery.
$BTC $ETH $BNB
