Binance's Tracked Assets Fall $13.8 Billion Ahead of Reserve Proof

Binance's tracked exchange assets fell about $13.8 billion in dollar value between Oct. 29 and Nov. 2, ahead of a delayed reserve proof following a $6.3 billion hot-wallet hack.

Matched readings put the assets at $142.926 billion on Oct. 29 UTC and $129.109 billion on Nov. 2 UTC. The $13.817 billion difference measures the change in tracked wallet value, not customer withdrawals. Changes in token prices can also affect the dollar total.

Binance said its hot wallets were compromised at 4:05 p.m. ET on Oct. 29 (20:05 UTC). It estimated the loss at $6.3 billion and committed to cover the financial impact for users. By Nov. 1, Binance had covered about 95% of the affected amount and was restoring withdrawals in phases. Covering that amount does not mean the stolen assets were recovered.

A proof of reserves lets users check whether their balances are included in Binance's liabilities calculation and whether covered assets have at least 1:1 backing. Binance took a new reserve snapshot at 8 p.m. ET on Oct. 30 (00:00 UTC Oct. 31).

The exchange said generating the full zero-knowledge proof takes 40 to 50 hours. Its new target is Nov. 3 in UTC+8, a date that runs from 11 a.m. ET Monday to 10:59 a.m. ET Tuesday.