Binance Completes Proof of Reserves as Withdrawals Resume in Stages After $6.3B Hack

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Binance completed cryptographic verification of its reserve snapshot as of October 31, saying at least 10 major tokens were backed one-to-one, and withdrawals began resuming in stages. The verification used Merkle trees and zk-SNARKs, allowing users to verify their balances, but the proof is not a solvency audit. After withdrawals resumed, Binance processed about $7.4 billion in total withdrawals, of which $2.7 billion flowed back in, leaving net outflows of $4.72 billion, about 3% of the platform’s assets.