The Binance proof of reserves report will not land today. The exchange moved its full zero-knowledge proof-of-reserves publication from Monday, November 2 to Tuesday, November 3 — a one-day slip that reads less like a delay and more like the world’s largest post-hack accounting cram session. You don’t verify $171 billion in reserves on a school night without extra coffee.
Binance originally targeted Monday for the complete report after publishing an initial snapshot within 12 hours of the October 28-29 attack. The full zero-knowledge proof takes roughly 40 to 50 hours to generate from the snapshot completed at 8 p.m. ET Friday — which lands the reveal, with suspicious precision, on Tuesday.
Why the Binance proof of reserves report slipped
Attackers drained roughly $6.3 billion from Binance hot wallets across multiple chains in under four hours by manipulating a transaction-approval system, in what the FBI attributed to North Korean hackers operating under the TraderTraitor banner. Binance set aside about $6.34 billion of corporate funds to cover the loss and says no user funds were hit, with BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances backed 1:1. The ZK proof is how it plans to prove the punchline.
Where the rebuild stands: 95% and counting
Coverage of the impacted amount has climbed quickly: roughly 80% at disclosure, about 90% announced October 31, and approximately 95% announced November 1. Tether and Circle froze around $238 million in assets tied to the incident along the way — the stablecoin duo’s version of a restraining order.
Sunday’s reopening: $3.64B in net outflows
When phased withdrawals reopened Sunday, November 1, the market answered with its traditional form of feedback: $4.65 billion walked out the door against $1.01 billion in, for net outflows of $3.64 billion — about 2.1% of Binance’s $171 billion in total assets. Most of it happened in the first couple of hours; volumes declined and stabilized after, while deposit volumes stayed substantial. Binance and The Guardian confirmed the figures against the latest proof-of-reserves snapshot.
Tomorrow’s full report is the real test: asset-by-asset breakdown, fresh numbers, and a verification story that either closes this chapter or opens the next one. The Binance proof of reserves saga has been the crypto world’s most-watched spreadsheet since Mt. Gox — Tuesday’s reveal tells us whether the numbers hold.
