Binance, the world's largest crypto exchange by trading volume, has continued to introduce security measures following the biggest cyberattack in crypto history, which occurred late last month.
In an effort to promote transparency and restore user trust, Binance announced it has completed a major upgrade to further strengthen security.
Binance backs all Bitcoin and Ethereum reserves
In an announcement on November 14, Binance said it had generated a new zero-knowledge proof for its Proof of Reserves (PoR) system.
Binance said the upgrade lets users independently verify that it holds enough assets to cover their account balances on a 1:1 basis.
The exchange also shared snapshots showing that its reserves exceed users' net account balances across six major cryptocurrencies, a move it said would boost confidence in its operating standards.
Binance added that the update covers all assets affected by the recent attack. It presented its reserves for Bitcoin, Ethereum, Tether, $BNB, Solana and $USDC.
Binance completes coverage for all affected cryptocurrencies
Withdrawals are being restored in batches, with the final phase scheduled for next week. Binance said it has continued to improve its operations, replenish all affected assets and strengthen security to restore user trust.
Binance said its Bitcoin reserves currently stand at 100.05%, slightly above the 100% threshold. Its reserves amount to about 688,283 $BTC, compared with net user balances of 687,912 $BTC.
The other tokens show similar figures: Ethereum reserves are at 100.02%, while $BNB and $USDC have ratios of 100.39% and 100.07%, respectively.
Binance also reported reserve ratios of about 104.34% for USDT and 105.86% for SOL. The figures indicate that it holds more of these assets than the total amount owed to users.
Binance specified that its Proof of Reserves covers assets held in custody on users' behalf, not its entire corporate holdings. It said this assures users that their funds are fully backed.
