Binance completes zero-knowledge proof for October 31 reserves snapshot

The exchange says users can now cryptographically verify that ten tokens are backed at least 1:1, days after a $6.3 billion hot wallet drain Binance says it has finished a zero-knowledge proof for its Proof of Reserves snapshot taken on October 31. The exchange says this lets users check for themselves that their balances are backed at least 1:1. The timing is hard to miss. The announcement came on November 2, 2026, just days after approximately $6.3 billion was drained from Binance’s hot wallets. What Binance actually proved The proof covers a snapshot taken at 00:00 UTC on October 31, 2026. Binance used a zk-SNARK, a type of cryptographic proof that confirms a statement is true without revealing the underlying data. The system runs on a Merkle tree, a structure that bundles every user balance into a single cryptographic fingerprint. If you change any one balance, the fingerprint changes. Users can therefore confirm their own account was counted, and the zk-SNARK confirms the total liabilities are covered by reserves. Verification happens through an open-source tool. Binance says the tool is available on its Proof of Reserves website and on GitHub. The proof covers ten tokens: BTC...