bitcoin
Binance Publishes Zero-Knowledge Reserve Proof for BTC, ETH and 8 Other Tokens After Hack
2 that it has finished the full zero-knowledge proof for its Oct.
31 proof-of-reserves snapshot, so anyone holding one of 10 tokens on the exchange can now check that their balance is backed at least 1:1. Binance took the snapshot at 00:00 UTC on Oct. 31, two days after attackers drained over $6.3 billion from its hot wallets on Oct.
Get Unchained's crypto news in your inbox with the free Unchained Daily newsletter. How Users Check Their Balance Binance's system pairs a Merkle tree, which shows a user their own account was counted in the snapshot, with a zk-SNARK, which proves total reserves cover what users are owed without revealing anyone's balance. To run the check, a user logs in, downloads Binance's open-source verifier and runs it locally.
The exchange says the verifier's code sits in a public GitHub repository and has been independently audited. 4 Only those 10 tokens are covered for now. Binance plans a fresh snapshot on Nov.
4 that will include more tokens. Yi He, Binance's co-CEO, wrote in an X post that producing the proof "will take about 40 to 50 hours after the snapshot is completed," with the time depending on how many tokens are included.
