Binance publishes a zero-knowledge proof that 10 assets are fully backed and expects to restore more withdrawals on Tuesday

Binance said on Monday that it has finished a zero-knowledge proof of reserves covering 10 assets, its latest since the October 29 theft of about $6.3 billion. The proof uses a Merkle tree with zk-SNARKs to show that customer balances in bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are backed at least one to one, without revealing individual balances, crypto.news reported. Users can check their own inclusion by logging in and downloading an open-source verifier, according to crypto.news.

The snapshot was taken at 00:00 UTC on October 31, according to crypto.news, and co-chief executive Yi He had estimated about 40 to 50 hours of computation after a snapshot to turn it into a proof, The Block reported. A further snapshot covering more assets is planned for Wednesday. Co-chief executive Richard Teng said the proof gives users another way to check that their assets are backed and that there is still work to do, according to The Block.

Binance says about 95% of the affected assets have been replenished from its own funds, and that the remaining 5%, in less liquid tokens, is still being acquired. Former chief executive Changpeng Zhao said the company covered the loss from its balance sheet without borrowing, selling assets or raising money, according to a Monday entry on CoinDesk's live blog.

Withdrawals reopened in phases on Sunday, with the first 15 networks and assets live by 12:36 UTC, according to CoinDesk's live blog. Binance expects to begin restoring more networks and assets on Tuesday, The Block reported; crypto.news said the full list of tokens and times had not yet been published. The Block, citing DeFiLlama, said net outflows over 24 hours had fallen to about $3.29 billion from a peak of around $7 billion.