Binance USDT reserves drop 7.95% as report narrows to 10 assets
Binance has reported a 7.95% decline in user USDT holdings in its October 31 proof-of-reserves snapshot, as the cryptocurrency exchange continues restoring services following its $6.3 billion security breach.
- Binance’s October 31 proof-of-reserves snapshot shows USDT user holdings fell 7.95% to 29.48 billion tokens.
- Ethereum holdings declined 3.80%, while Bitcoin balances increased 0.52% to 692,187 BTC.
- The latest report covers 10 major assets, compared with 55 assets in the October 1 snapshot.
- Binance reported $3.64 billion in net withdrawals during the first nine and a half hours after reopening.
- The exchange expects its complete zero-knowledge reserve proof to become available on November 3.
According to Binance’s proof-of-reserves page, USDT balances fell by 2,544,682,319 tokens to 29,483,062,742 USDT. Ethereum and BNB holdings declined during the same reporting period, while Bitcoin balances recorded a modest increase.
The report was captured on October 31, before Binance began reopening withdrawals on November 1. Its publication follows concerns over the exchange’s asset coverage and the movement of customer funds.
Binance USDT balances decline as Bitcoin holdings rise
The latest snapshot shows Binance’s reported Bitcoin holdings increased by 3,614 BTC, or 0.52%, reaching 692,187 BTC.
Ethereum balances moved in the opposite direction, falling by 144,217 ETH, or 3.80%, to 3,654,919 ETH.
Binance User USDT Holdings Fall 7.95% in Latest Proof of Reserves
— Wu Blockchain (@WuBlockchain) November 2, 2026
Binance’s latest proof-of-reserves snapshot, dated October 31, shows user BTC holdings increased by 3,614 BTC, or 0.52%, to 692,187 BTC. User ETH holdings decreased by 144,217 ETH, or 3.80%, to 3,654,919 ETH;… pic.twitter.com/DlwGUd1lxX
Meanwhile, BNB holdings declined by 401,669 tokens, representing a 0.93% reduction to 42,638,276 BNB.
USDT recorded the largest percentage decline among these four assets, with balances falling from almost 32.03 billion to 29.48 billion tokens.
The figures compare balances recorded on October 1 and October 31. They do not represent withdrawals made after Binance restored services in November.
According to the published figures, Binance’s USDT reserve coverage ratio fell from 103.88% to 100.00%.
This means the reported USDT reserves matched the corresponding account balances at the October 31 snapshot, compared with an excess of 3.88% earlier in the month.
Bitcoin’s coverage ratio stood at 100.04%, while BNB maintained a ratio of 101.30%.
Binance reserve report covers fewer cryptocurrencies
The October 31 report lists 10 major cryptocurrencies, compared with 55 assets covered in the October 1 snapshot.
The latest group includes BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
The reduced coverage has prompted questions about the visibility of other cryptocurrency balances following the security incident.
Binance explained in its recovery update that the 10 listed assets had already been fully replenished.
The company said the remaining affected assets were less liquid and required additional purchases through exchanges and over-the-counter markets.
Its explanation does not establish that other cryptocurrencies were missing from customer accounts or that their balances had been deliberately concealed.
The exchange said generating its complete zero-knowledge proof would require approximately 40 to 50 hours.
As crypto.news previously reported, Binance scheduled the reserve verification process alongside preparations to reopen withdrawals.
The complete proof is expected by November 3, allowing customers holding the covered assets to check that their account balances were included in the calculation.
Over $4 billion leaves Binance after withdrawals resume
Binance began restoring cryptocurrency withdrawals on November 1 after suspending the service following the October 29 attack.
The exchange initially reopened Bitcoin withdrawals before progressively restoring access to Ethereum, USDT, USDC and other supported assets.
In a November 1 operational update, Binance reported processing $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC.
The difference represented almost $3.64 billion in net outflows during the nine-and-a-half-hour period.
Binance said the net movement accounted for 2.1% of its reported $171 billion in assets.
CryptoQuant analyst Darkfost reported substantial cryptocurrency withdrawals following the reopening.
His figures included 19,569 BTC worth nearly $1.5 billion and 154,147 ETH valued at nearly $360 million.
Stablecoin movements included $1.96 billion in USDT and $557 million in USDC withdrawals.
🟢 $4B+ leave Binance since withdrawals resumption after the Lazarus $6.3B hack
— Darkfost (@Darkfost_Coc) November 1, 2026
Following the hack of approximately $6.3 billion in assets that hit Binance on October 29, the platform had to suspend withdrawals in order to stem the outflows and protect its users.
This Morning… pic.twitter.com/0YtSMPfg30
However, these figures describe movements after the reopening and should not be treated as changes captured in the October 31 reserve snapshot.
The phased withdrawal reopening initially covered selected assets across 15 blockchain networks, with additional services awaiting security checks.
Analysts assess Binance withdrawals after $6.3 billion hack
Crypto analyst MaxiCalls commented on the movement of Bitcoin from Binance following the withdrawal restart.
The analyst estimated that around 16,000 BTC left the exchange during the first 12 hours, representing roughly 2.4% of its Bitcoin reserves.
That drop in Binance’s BTC reserves looks dramatic at first but the context matters
— 𝐌𝐚𝐱𝐢𝐂𝐚𝐥𝐥𝐬 (@MaxiCalls) November 2, 2026
Withdrawals had just reopened, so some movement was always coming. Around 16K BTC left the exchange in the first 12 hours roughly 2.4% of its total BTC reserves
It’s a noticeable outflow but it… pic.twitter.com/SUYQsw2CLZ
MaxiCalls argued that the movement did not necessarily indicate widespread panic, pointing to the reopening of withdrawals and the exchange’s commitment to covering customer losses.
The assessment remains an analyst’s interpretation of exchange flows, not confirmation of individual customers’ reasons for withdrawing.
Meanwhile, Binance began purchasing replacement assets using corporate funds, Bitcoin and Ethereum following the security breach.
The exchange said it had replenished nearly 95% of affected assets by November 1 and would continue acquiring the remaining tokens.
Binance has pledged to absorb the financial losses caused by the attack, using company resources, its SAFU emergency fund and part of its Futures Insurance Fund.