Binance expands proof of reserves to 44 tokens after hack
Binance says about 98% of assets lost in the November hack have been replenished, but the new cryptographic proof is unfinished and withdrawals remain limited.
Key takeaways
- 1Proof of reserves now covers 44 tokens
- 2About 98% of assets lost in the hack have been replenished
Binance said on Friday it has expanded its proof-of-reserves system to cover 44 tokens following the early-November hack that cost the exchange about $6.3bn. The exchange reports that roughly 98 percent of the affected assets have been replenished, but the new cryptographic proof is still incomplete and withdrawals are not fully reopened.
The Defiant reported that Binance’s latest data show USDT holdings fell 7.95 percent to 29.48bn USDT, while BTC holdings rose 0.52 percent to 692,187 BTC. YourKhabri’s data on 2 November recorded a 7.95 percent drop in USDT and a 0.52 percent rise in BTC, confirming the exchange’s partial recovery after the $971m USDT freeze.
Binance is the world’s largest cryptocurrency exchange, founded by Changpeng Zhao. It processes billions of dollars in daily trading volume and offers a wide range of tokens. After the November 2026 breach, the biggest crypto theft on record, the firm has faced pressure to demonstrate asset safety, prompting its proof-of-reserves initiative.
The expanded proof of reserves signals Binance’s effort to rebuild user confidence, but the unfinished cryptographic audit and limited withdrawals suggest ongoing risk. Traders will watch for the completion of the proof for all 44 tokens and any further restoration of full withdrawal functionality. Regulators may also scrutinise the exchange’s security measures after the $6.3bn loss.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.