Binance Restores Withdrawals After Hack and Publishes Reserves Snapshot
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AI-assisted source synthesis · not an independent investigation.
On October 31, 2026, Binance completed cryptographic verification of its reserves snapshot. Cryptopolitan reported on November 3 that this came after a $630 million hack, and the platform had begun restoring withdrawals in phases. Binance said that at least 10 major tokens had one-to-one reserves, and users could verify balances using a Merkle tree and zk-SNARKs, but this proof of reserves did not constitute a solvency audit. After withdrawals resumed, the platform processed approximately $7.4 billion in total withdrawals, of which approximately $2.7 billion flowed back in, resulting in net outflows of approximately $4.72 billion, or about 3% of the platform’s assets.
AI-written from reports · updated 4 hours ago
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- CryptopolitanBinance Completes Proof of Reserves as Withdrawals Resume in Stages After $6.3B Hack
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.
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