EP 48
Binance Verifies Reserves With Zero Knowledge Proof Following Balance Sheet Restitution
In this episode
Binance has released its October 31st Proof-of-Reserves zero-knowledge proof covering ten major assets, confirming 1:1 backing after covering incident losses from its balance sheet. Co-founders CZ and Yi He confirmed 100% of funds are allocated with 95% of lost assets already replenished, while net exchange outflows have dropped over 50%. Meanwhile, Brazil's Mercado Bitcoin suffered a $46 million security breach, and on-chain activity inside Binance Wallet saw strong volume on early launchpad tokens like XFS and GANG.
- Binance generated the full zero-knowledge proof for its October 31st Proof-of-Reserves snapshot across BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.
- CZ posted that Binance covered incident losses directly from its balance sheet without borrowing, selling assets, or raising capital, allocating 100% of funds with 5% remaining to convert into lower-liquidity tokens.
- Yi He stated that Binance has no capital shortfall and noted 24-hour net outflows decreased from a peak of $7B to $3.5B as deposit-to-withdrawal ratios recovered to 78%.
- Brazil's largest crypto exchange, Mercado Bitcoin, halted withdrawals following a $46M security breach across 10 chains.
- Binance launched a Community Appreciation Campaign offering eligible KYC users a 100 USDC Spot fee rebate voucher, a share in 20,000,000 USDC, and up to 10% APR.
- Decentralized exchange token XFS surged 182,527.58% on Flap to a market cap of $8.41M, recording $1.35M in 24-hour Binance Wallet volume.
- The Agent ID-exclusive token GANG reached a $2.27M market cap with $679,671 in 24-hour volume on gang.fun.
- BSC TVL fell 0.89% on the day to $5.18B, while PancakeSwap AMM remained the top protocol at $1.45B.
- The crypto market Fear and Greed Index increased from 34 to 37, while BTC traded down 1.46% at $76,772.78 and BNB slipped 1.81% to $695.77.