Binance USDT Reserves Fall By 928 Million Tokens

Binance has published a new proof-of-reserves snapshot showing that user USDT holdings fell by 928.2 million tokens over an eight-day period, while Bitcoin, Ethereum, and BNB balances increased, according to CryptoNews.

Reserve Changes and Asset Composition

According to figures from Binance, user USDT holdings fell 3.68% to approximately 24.3 billion tokens as of November 12, down from 25.23 billion recorded on November 4. Meanwhile, Bitcoin holdings rose 0.35% to 687,912 BTC, marking an increase of 2,388 BTC over the eight-day window.

Ethereum balances climbed 1.04% to 3,482,001 ETH, an increase of 35,911 ETH. BNB followed a similar trajectory, with user holdings rising 1.03% to 42,948,718 tokens, a gain of 436,746 tokens.

The latest reserve review expanded its scope to cover 198 cryptocurrencies, compared with 44 assets included in the November 4 snapshot. The exchange noted that generating the complete zero-knowledge proof takes approximately 40 to 50 hours.

Asset Replenishment Following Security Breach

The additional snapshot followed Binance’s confirmation that it had fully replenished cryptocurrency assets affected by the October 29 security breach, which involved approximately $6.34 billion. The exchange stated it committed corporate funds from the Secure Asset Fund for Users, its Futures Insurance Fund, and its corporate treasury to cover the affected assets through market transactions and over-the-counter trading desks.

Key facts

• User USDT holdings on Binance fell by 928,178,849 tokens to 24,299,050,229 USDT between November 4 and November 12.
• Bitcoin holdings increased by 0.35% to 687,912 BTC.
• Ethereum balances rose 1.04% to 3,482,001 ETH.
• BNB holdings increased 1.03% to 42,948,718 tokens.
• The November 12 snapshot covered 198 cryptocurrencies, up from 44 assets in the November 4 review.