Binance has refreshed its Proof of Reserves addresses and will route every withdrawal through newly generated wallets, the exchange said in a post on X on 1 November. The wallet swap is the third recovery update since a breach drained approximately $6.3 billion from Binance’s hot wallets on 29 and 30 October.
“As part of our ongoing security response, we have updated our list of Proof of Reserves addresses to include newly generated wallet addresses. Going forward, all withdrawals will be processed from these new wallet addresses,” the exchange said in the announcement, which linked to the updated Proof of Reserves page, where customers can download the full address list.
The ledger behind the update
A fresh reserve snapshot was completed on 31 October at 00:00 UTC, after withdrawals had been paused during security reviews. On Binance’s own figures, the exchange has allocated more than $6.34 billion, drawn primarily from corporate resources, to replenish affected assets. That has restored nearly 90% of them, an improvement on the previous recovery update, which means roughly a tenth of what the breach took is still not back on the books.
Co-CEO Richard Teng and other executives have said customer funds were not lost and that Binance is absorbing the full impact of the incident on its own balance sheet. The gap between “nearly 90%” and the $6.34 billion already committed leaves an open question about how the remainder will be covered. Binance has not said how it plans to close it.
The headline reserve ratios look whole. As of the 31 October snapshot, Bitcoin reserves stood at 100.04% of customer liabilities and BNB at 101.30%, with ten major assets showing backing above 100%. Those are Binance’s self-reported numbers, from a single snapshot, and they have not been audited.
What traders are watching
The cryptographic test is still to come. Binance says a full zk-SNARKs proof, which would show total reserves cover customer liabilities without exposing individual balances, is expected by 3 November, its own stated target. That proof will be the first independent arithmetic check on whether the post-breach reserves actually back the balances.
Practically, the new wallets matter for anyone tracking exchange flows. Block explorers and flow dashboards keyed to Binance’s old addresses will now show no outflows, because the coins are leaving from wallets that did not exist last week. Anyone running alerts on the venue should re-point them at the downloadable address list.
Withdrawals were anticipated to resume on 1 November from the new addresses. The Secret Service is reportedly continuing a probe into how the breach happened, and Binance has not addressed the cause in its recovery updates.
Share
Saqib Iqbal
