Binance’s latest reserves show 928 million USDT drop as BTC, ETH holdings rise

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Binance has published a new proof-of-reserves snapshot showing that user USDT holdings fell by 928.2 million tokens over eight days, while Bitcoin, Ethereum, and BNB balances increased.

Summary

Binance’s November 12 reserve snapshot showed user USDT holdings fell 3.68% to 24.3 billion tokens, a decline of approximately 928.2 million USDT in eight days.
Bitcoin holdings rose 0.35% to 687,912 BTC, while Ethereum and BNB balances increased 1.04% and 1.03%, respectively.
The exchange published the additional snapshot after replenishing $6.34 billion in crypto assets affected by the October 29 security breach.
The latest reserve review covered 198 cryptocurrencies, compared with 44 assets included in the November 4 snapshot.

According to figures from Binance, the exchange held approximately 24.3 billion USDT on behalf of users as of November 12, down 3.68% from 25.23 billion recorded on November 4.

The latest snapshot was taken at 00:00 UTC on November 12, shortly after Binance announced that it had fully replenished the cryptocurrency assets affected by the October 29 security breach, which involved approximately $6.34 billion.

The exchange conducted the additional reserve review outside its regular monthly reporting schedule, covering 198 cryptocurrencies as part of its efforts to document the restoration of affected assets.

Binance’s Bitcoin and Ethereum holdings rise in latest snapshot

Bitcoin holdings increased by 2,388 BTC during the eight-day period, rising 0.35% from 685,524 BTC to 687,912 BTC.

Ethereum recorded a slightly larger percentage gain, with user balances climbing 1.04% to 3,482,001 ETH from 3,446,090 ETH. The difference amounted to an additional 35,911 ETH.

BNB followed a similar pattern, with holdings rising 1.03% to 42,948,718 tokens. Users held 42,511,972 BNB in the previous snapshot, representing a gain of 436,746 tokens.

USDT, meanwhile, recorded the largest decline among the four cryptocurrencies examined in Wu Blockchain’s comparison. Balances dropped by exactly 928,178,849 tokens to 24,299,050,229 USDT.

The decline continued a trend observed in Binance’s earlier reserve disclosures following the security incident.

As crypto.news previously reported, USDT holdings had already fallen 7.95% between October 1 and October 31, reaching approximately 29.48 billion tokens.

Over the same earlier reporting period, Ethereum balances declined 3.80% to 3.65 million ETH, while Bitcoin holdings grew 0.52% to 692,187 BTC.

The latest figures therefore show that USDT balances continued to fall after October 31, while Ethereum holdings recovered slightly between November 4 and November 12.

The reserve figures represent customer asset balances recorded at specific points in time, which can change as users deposit, withdraw, or trade cryptocurrencies on the exchange.

Binance completes $6.34 billion asset replenishment

The additional snapshot followed Binance’s confirmation that it had completed asset replenishment following the October 29 hack.

In its November 13 announcement, the exchange said it had committed more than $6.34 billion in corporate funds to cover the affected assets and had purchased replacement cryptocurrencies through market transactions and over-the-counter trading desks.

Funding came from three sources, including Binance’s Secure Asset Fund for Users, the portion of its Futures Insurance Fund exceeding required risk management levels, and its corporate treasury.

The exchange had previously reached approximately 98% replenishment by November 4, although certain cryptocurrencies took longer to replace because of limited market liquidity.

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The October 29 breach involved attackers who gained access to Binance’s wallet infrastructure after compromising employee devices and internal systems through malicious software and fraudulent recruitment activities.

Binance subsequently began restoring cryptocurrency withdrawals, although the reopening process has continued in phases.

During the first nine and a half hours after withdrawals resumed, customers withdrew approximately $4.65 billion while deposits totaled $1.01 billion, producing net outflows of roughly $3.64 billion.

Separate blockchain flow estimates from Santiment identified approximately 28,316 BTC in net outflows from Binance-associated wallets between the attack and November 5.

New proof-of-reserves report covers 198 tokens

Binance’s November 12 snapshot expanded the number of covered cryptocurrencies from 44 in the November 4 review to 198 tokens.

The exchange said generating the complete zero-knowledge proof would take approximately 40 to 50 hours, after which customers could independently verify that their balances were backed by reserves of at least 1:1.

Its verification system uses Merkle trees and zero-knowledge cryptographic proofs to allow customers to check whether their account balances are included in the exchange’s reported holdings.

Binance has separately committed to restoring its SAFU emergency reserve to approximately $1 billion after using part of the fund during the replenishment process.

For affected cryptocurrencies no longer supported by the platform, the exchange said it would follow its existing delisting procedures and provide financial protection to eligible holders.

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