Binance publishes fresh proof of reserves, says 95% of record-hack losses replenished

Binance says it has completed a new zero-knowledge proof-of-reserves snapshot and replenished roughly 95% of the assets drained in last week's exploit, which on-chain investigators have pegged at more than $6 billion — the largest known crypto theft to date. The remaining 5%, the exchange says, sits in less-liquid tokens it is still buying back. The figures are Binance's own; they have not been independently audited beyond the reserves proof itself.

In a recovery update posted Monday and reported by The Block, Binance said users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can now independently verify their balances are backed 1:1. Co-CEO Richard Teng called it "another way to independently check that their assets are backed" in a post on X. The exchange said it plans a further snapshot Wednesday and expects to begin progressively restoring withdrawals for more networks and assets from Tuesday. Co-CEO Yi He said on X that generating the full zero-knowledge proof takes "about 40 to 50 hours after the snapshot is completed."

On-chain investigators quoted by The Block attribute the breach to North Korean attackers who exploited Binance's internal systems and wallet-signing mechanisms across multiple chains. Analyst SomaXBT said Sunday that roughly $242 million of the stolen funds had been laundered on Tron.

Key facts

• Exploit size: more than $6 billion, per on-chain investigators cited by The Block — described as the largest known crypto theft on record.
• Reserves proof: zero-knowledge snapshot completed for 10 assets (BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, ZEC) — Binance via Teng/Yi He on X.
• Replenishment: ~95% of affected assets restored with Binance's own funds; ~5% still being acquired — Binance's own claim.
• Withdrawals: progressive restoration from Tuesday; next snapshot Wednesday — Binance.
• Flows: 24-hour net outflows ~$3.29 billion, down from a ~$7 billion peak; ~$127.78 billion held across Binance's linked on-chain wallets — DeFiLlama.
• Laundering: ~$242 million moved on Tron — SomaXBT, Sunday.

The real-world read

A proof of reserves shows assets, not liabilities — it demonstrates Binance holds certain balances, not that those balances cover everything it owes depositors. The "95% replenished" and "backed 1:1" lines are Binance's framing of its own solvency after losing north of $6 billion; take them as the exchange's account until something independent confirms it. The multi-day lag Yi He flagged (40–50 hours per proof) means each snapshot is a point-in-time reassurance, not continuous verification. Note too that the warmest external quote — StoneX analysts calling the industry's response "a point of validation for several of the business models we cover, regulated custody most of all" — is a client note talking its own book. North Korean attribution remains investigators' assessment, not a confirmed finding.

Not financial advice.

Sources

• The Block (Tier 2, secondary) — primary reporting on the reserves snapshot, recovery timeline, replenishment figures, and flow data; itself citing Binance's Teng and Yi He (X posts, interested party), DeFiLlama (flows/holdings), SomaXBT (laundering estimate), and a StoneX client note (interested-party commentary).