Binance completes proof of reserves after $6.3B hack as withdrawals resume

Binance published a proof-of-reserves verification on Monday for its Oct. 31 snapshot, showing at least ten major tokens were fully backed after a $6.3 billion hack. The breach occurred Oct. 29, and the FBI attributed it to the North Korean TraderTraitor group. Withdrawals reopened Nov. 1; Binance processed about $7.4 billion in gross withdrawals, $2.7 billion flowed back, and net outflows were $4.72 billion, roughly 3% of platform assets. The proof uses Merkle trees and zk-SNARKs so its 335 million users can confirm balances without sharing account details, but it is not a solvency audit. Binance reported 100.04% backing for Bitcoin and 100% for Ether and USDT.