Today is the gap day in the binance hack proof of reserves test. Binance has published a snapshot, but the full cryptographic proof is not due until November 3.
That gap matters, because a snapshot and a proof do different jobs.
Key takeaways
- Binance took a new proof of reserves snapshot on October 31, after the hack.
- The snapshot reports ten major tokens backed at 1 to 1 or better.
- The full zero-knowledge proof is due November 3, not November 2.
- Binance says about 95 percent of affected assets are now replenished.
- About 5 percent of less liquid tokens are still being sourced.
- Frozen funds of about 3 billion dollars are a separate pool, not recovered funds.
The Binance Hack Proof of Reserves Test, Explained
Binance says attackers drained about 6.3 billion dollars in crypto from its hot wallets in late October. The exchange says it will cover the loss from its own funds, not from user balances.
- The Binance Hack Proof of Reserves Test, Explained
- What Is Live Today, and What Is Not
- Snapshot Versus Proof: A Plain Comparison
- The Date Reconciliation Readers Asked For
- Covered Versus Recovered: Do Not Mix Them Up
- Your 7 Point Checklist for November 3
- What the FBI Attribution Changes, and What It Does Not
- The Market Frame, Without Price Promises
- Common Mistakes Readers Make at This Stage
- What I Think, in Plain Terms
- Frequently Asked Questions
Readers should now test that promise in stages, not accept it in one headline.
Day three of this series covered withdrawals reopening and the 90 percent replenished claim. Day four asks a narrower question.
What can you check today, and what must wait until November 3?
What Is Live Today, and What Is Not
Binance has refreshed its proof of reserves wallet addresses after the incident. It says all customer withdrawals will now flow through newly created addresses.
That step replaces infrastructure tied to the breach, and it matters for security.
The October 31 snapshot is also live. It covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.
Binance reports each of those ten tokens backed at 1 to 1 or better.
The Two Numbers Worth Quoting
Binance Square posts report BTC at 100.04 percent and BNB at 101.30 percent in the latest snapshot. Those figures sit just above full backing, not far above it.
A reader should treat a thin margin as a prompt to keep watching, not as a reason to panic.
One ETH detail shows why margins deserve attention. One report puts ETH held at 3,654,922 coins against 3,654,919 coins owed to customers.
That leaves a margin of fewer than three coins. Binance can still pass the test on that math, but the room for error looks very small.
Snapshot Versus Proof: A Plain Comparison
A snapshot freezes one moment in time. It compares what Binance holds with what customers are owed at that moment.
A zero-knowledge proof adds a check that each user can run for their own balance without seeing other users.
Binance says the full zero-knowledge proof takes 40 to 50 hours to generate because of the computing workload. That explains the wait, but it does not close the wait.
Until the proof lands, users rely on Binance numbers plus outside checks.
| Layer | What it proves | What it does not prove |
|---|---|---|
| October 31 snapshot | Holdings matched customer balances at that moment for ten tokens | Later balances, liabilities, or company finances |
| Zero-knowledge proof, due November 3 | Your own balance sits inside the counted total | Every token, every liability, or future security |
| New wallet addresses | Withdrawals move through fresh infrastructure | That no other breach point remains open |
The Date Reconciliation Readers Asked For
Two dates have circulated, and they look like a conflict until you separate them. Binance first pointed to a full report by Monday, November 2.
Its later updates put the full zero-knowledge proof on Tuesday, November 3.
Today, November 2, the honest status is simple. The snapshot is out, the proof is not.
Any article that calls the full proof published today would get the timeline wrong.
| Date | Claim | Status on November 2 |
|---|---|---|
| October 31 | New snapshot taken after the top-up | Live, for ten tokens |
| November 1 | Withdrawals restart in phases, replenishment rises to about 95 percent | Under way, starting with major networks |
| November 2 | Earlier promise of a full report | Not met in full, proof still pending |
| November 3 | Full zero-knowledge proof due | The next dated test |
Covered Versus Recovered: Do Not Mix Them Up
Replenished means Binance bought replacement tokens with its own money. It does not mean Binance clawed the stolen coins back from attackers.
That distinction shapes every later claim about recovery.
Binance funds the gap from three pools it controls. Those pools are its corporate treasury, a draw from the Secure Asset Fund for Users, and funds set aside for derivatives losses.
Binance has committed to restoring that safety fund to about 1 billion dollars after the partial draw.
About 3 billion dollars frozen by industry partners sits in a separate pool. Tether and Circle froze large stablecoin amounts linked to the hack, and that frozen pool is not the same as tokens already replaced.
Readers should count it as blocked attacker funds, not as money back in user wallets.
Your 7 Point Checklist for November 3
Use this checklist when the proof lands, and keep it beside the snapshot. A pass needs all seven points, not just a strong headline number.
- Check the proof date and the snapshot date match the October 31 balances Binance cited.
- Confirm your own token and balance appear in the verification tool, if Binance opens one for users.
- Check that the ten named tokens still show 1 to 1 backing or better, with no token quietly dropped.
- Ask what covers the remaining less liquid 5 percent, and whether Binance names those tokens.
- Confirm withdrawals still run only through the new wallet addresses, with no return to old addresses.
- Look for an outside check, because Binance numbers alone cannot close the test.
- Watch the safety fund update, because a thinner fund leaves less cover during the recovery window.
Security firm CertiK has said it needs more detail before it can confirm the claimed 5 billion dollars in replacement crypto. That caution does not prove Binance wrong.
It does prove that independent confirmation still sits on the to do list.
What the FBI Attribution Changes, and What It Does Not
The FBI has attributed the theft of more than 6 billion dollars in virtual assets to TraderTraitor, a North Korea linked group. That attribution helps investigators and partner exchanges freeze funds.
It does not by itself return coins to users, and it does not verify reserves.
Binance co-chief executives Yi He and Richard Teng have also said investigators found more breach points than the first suspected laptop. Readers should read that as an open security review, not a closed case.
New wallet addresses help, but a full post incident report still matters.
The Market Frame, Without Price Promises
Bitcoin traded near 78,350 dollars on the morning of November 2, up about 1 percent in 24 hours. That level sits close to resistance near 78,450 dollars, so traders watch whether price holds or slips.
Nobody can promise the next move, and this article makes no price call.
The Crypto Fear and Greed Index rose to 37 from 34, and it still sits in Fear territory. October also brought about 12.5 billion dollars in total crypto liquidations, with long traders taking most of the damage.
That backdrop explains caution, even as withdrawals reopen.
The United States midterm election falls on November 3, the same day the proof is due. Politics may move markets that day, so readers should separate a market swing from proof results.
A price move on November 3 will not prove or disprove reserves.
Common Mistakes Readers Make at This Stage
Some readers treat a snapshot as a full audit. A snapshot shows holdings at one moment, while an audit would test finances, liabilities, and controls in depth.
Proof of reserves is useful, but it is not a full audit.
Some readers treat replenished as recovered. Binance replaced most tokens from its own funds, and that helps users even if attackers keep stolen coins.
Recovery and replacement solve different problems, and both numbers deserve separate tracking.
Some readers move everything back at once because withdrawals reopened. Our earlier guide on Binance hack day two withdrawals, frozen funds, and checks before moving coins back still applies.
Test a small withdrawal first, confirm the address, and keep most holdings in self custody if you can manage keys safely.
What I Think, in Plain Terms
Binance has moved fast on the visible steps, and the snapshot gives users something concrete to inspect. The company found billions from its own pools in days, and phased withdrawals show the system can still pay out.
That record deserves credit, and it also deserves a deadline.
My view stays cautious until November 3 for one reason. Binance asks users to trust its own numbers during the gap between snapshot and proof.
Trust grows when an independent check lands, not when a press update repeats the same totals. Readers should welcome progress, keep the checklist ready, and judge the proof on its own terms.
For wider context, read our Binance hack withdrawals reopen report on 90 percent replenished and the proof still to come and our Binance security scare and options expiry report.
If you hold coins on any exchange, read our guide to storing Bitcoin safely. For a contrast in exchange hacks, see our Bitget hack update on the North Korea link.
For market context, see our Bitcoin exchange outflows report.
Frequently Asked Questions
Here are the questions readers ask most about this test.
Has Binance published its full proof of reserves?
No. Binance has published an October 31 snapshot for ten tokens, and the full zero-knowledge proof is due November 3.
What does 95 percent replenished mean?
It means Binance says it has replaced about 95 percent of affected assets with its own funds. It does not mean it recovered those coins from attackers.
Which tokens does the snapshot cover?
The snapshot covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. Binance reports each one backed at 1 to 1 or better.
Does proof of reserves prove Binance is fully safe?
No. Proof of reserves checks holdings against customer balances at one moment. It does not audit all liabilities, company finances, or future security.
What should I do before November 3?
Test a small withdrawal if you need funds, confirm you use a new wallet address, and keep the seven point checklist ready for the proof. This article is not financial advice.
