Binance Reveals Final Numbers After $6.34 Billion Hack: 100.04% of Shiba Inu (SHIB) Reserves Confirmed

The snapshot was taken on Nov. 12 at 00:00 UTC, and it shows that the exchange fully backs the balances of its clients.

Shiba Inu (SHIB) is backed at 100.04%, and the other major assets on the exchange are fully covered as well.

The latest report comes after the Oct. 29 attack, during which hackers stole funds from Binance across ten blockchains in 20 minutes.

Among the stolen funds were nearly 500 billion SHIB. After the attack, the exchange took an additional reserve snapshot at Bitcoin block height 975493.

Binance data shows that the net account balances of users stand at 50.67 trillion SHIB, and the exchange holds 50.69 trillion SHIB in its wallets.

Of that amount, 50.68 trillion SHIB is held at the addresses of Binance itself, and the remaining 7.46 billion SHIB is held by third-party custodians.

Asset coverage and reserves

Besides SHIB, the report also shows that the other major cryptocurrencies are fully backed.

Compared with the previous check on Nov. 4, the BTC balances of users went up by 0.35% to 687,912 BTC, and the coverage ratio for Bitcoin stands at 100.05%.

The ETH balances went up by 1.04% to 3.48 million ETH, and the BNB balances increased by 1.03% to 42.95 million BNB.

Still, the USDT balances of users went down by 3.68% to 24.3 billion USDT. At the same time, the stablecoin has the highest coverage ratio in the report at 104.34%.

Shiba Inu reserves and market position

Arkham Intelligence data shows that the known wallets of Binance currently hold 58.82 trillion SHIB.

That is 5.88% of the total supply of the meme coin, and these tokens are worth $251.16 million. In this context, Binance wallets hold 8.13 trillion SHIB (about $34.7 million) more than the amount shown in the PoR report.

According to Binance, the PoR report only covers the deposits of clients and the coins that the exchange keeps to back them, so the company's own funds are not included in the report.

Based on the Arkham data, Binance holds about 16% more SHIB than it owes to its clients.

According to Arkham, Binance is still the third-largest exchange by SHIB holdings. Only the burn address with 410.44 trillion SHIB (or 41.04% of supply), the U.S.-based exchange Coinbase with 74.53 trillion SHIB, and South Korea's Upbit with 64.14 trillion SHIB hold more of the meme coin.

Robinhood, Crypto.com and Bithumb come after Binance with 57.12 trillion, 34.95 trillion and 16.74 trillion SHIB, respectively.

Next steps and current price

Binance said that the PoR system is still computing the final Merkle Root Hash using zk-SNARKs. After that, users will be able to log into their profiles and check that their balances are included in the overall ledger.

At press time, the price of SHIB stands at $0.00000426.