Binance USDT Reserves Fall 7.95% to 29.48 Billion Tokens

A 29.48 Billion Token Balance at 100.00% Coverage

Binance's latest proof-of-reserves disclosure puts customer USDT balances down 7.95% to 29.48 billion tokens, the sharpest percentage move of any asset covered in the October 31 snapshot. The proof-of-reserves page records a decline of 2,544,682,319 tokens over the month, from just under 32.03 billion to 29,483,062,742 USDT. The USDT price held its dollar peg across the window, so the balance change reflects position shifts on the venue rather than any loss of value in the token itself.

The timing matters. The snapshot was captured on Saturday, before Binance restarted withdrawals on Sunday, November 1, so it reflects October activity only. It still lands in the shadow of a security breach the exchange has costed at roughly $6.3 billion, and its publication followed questions about asset coverage and the movement of customer funds after the October 29 attack.

The coverage ratio tells the sharper part of the story. Binance's USDT reserve coverage compressed from 103.88% to exactly 100.00%, which means reported reserves matched the corresponding account balances at the snapshot after running a 3.88% surplus a month earlier. By comparison, Bitcoin's coverage stood at 100.04% and BNB's at 101.30%.

Scope narrowed at the same time. The October 31 document lists 10 assets against the 55 covered in the October 1 snapshot, spanning BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, a reduction that has drawn questions about visibility into other balances. USDT, the Tether-issued stablecoin, sits at the center of the shift: Bitcoin balances rose 0.52% to 692,187 BTC, Ethereum fell 3.80% to 3,654,919 ETH, BNB slipped 0.93% to 42,638,276 BNB, and several altcoins on the shortened list no longer carry month-over-month disclosure.

$3.64 Billion Net Outflow After Withdrawals Resume

Binance suspended withdrawals immediately after the October 29 attack and began restoring them on November 1, first for Bitcoin and then progressively for Ethereum, USDT, USDC and other supported assets across 15 blockchain networks, with further services waiting on security checks. In its November 1 operational update, the exchange reported processing $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC, a net outflow of almost $3.64 billion in nine and a half hours that Binance put at 2.1% of its reported $171 billion in assets.

On-chain analyst Darkfost tracked 19,569 BTC, worth nearly $1.5 billion, and 154,147 ETH, valued near $360 million, leaving the venue after the reopening, alongside $1.96 billion in USDT and $557 million in USDC. USDT carried the larger stablecoin outflow of the two, consistent with its weight on the platform. Another analyst, MaxiCalls, estimated roughly 16,000 BTC, about 2.4% of Bitcoin reserves, out the door in the first 12 hours, and read the movement as reopened gates rather than panic. Both sets of figures describe post-reopening flows and fall outside the October 31 snapshot window.

Binance has spent the interval replenishing what the breach removed. Its recovery update states that the 10 assets covered in the reserve report were already fully replenished, while the remaining affected assets are less liquid and still require purchases through exchanges and over-the-counter markets. The company said it had restored nearly 95% of affected assets by November 1 and pledged to absorb the losses through corporate funds, its SAFU emergency fund and part of its Futures Insurance Fund.

One piece is still outstanding: the complete zero-knowledge proof of reserves, the cryptographic method that lets customers verify balances without exposing account data. Binance said generating it takes an estimated 40 to 50 hours, with the full document expected by Tuesday, November 3. Covered-asset holders will then be able to confirm their balances were included in the calculation.

For USDT specifically, the report removes a cushion rather than revealing a shortfall. A coverage ratio pinned at exactly 100.00% leaves no surplus above the token's account balances on the venue, and USDT also led the stablecoin outflows once withdrawals reopened, so the asset sits on both sides of the story: the snapshot decline and the post-reopening exit. Verification stays partial until the full proof lands on November 3, since holders of assets outside the ten-name list have no published assurance yet. Deciding what to hold where is now a plain DYOR exercise against Tuesday's dataset, or a shift into self-custody, where a hardware wallet removes the exchange as counterparty. Exchange-level snapshots measure something different from issuer attestations such as Tether's Q3 attestation, but a drop of nearly a tenth in USDT held on a single venue inside one month is unambiguous. Traders re-entering the platform can follow a step-by-step Binance trading guide while the full proof is pending.