Binance proof of reserves shows Shiba Inu (SHIB) backed at 100.04%
In brief
- SHIB backing stands at 100.04% in Binance's Nov. 12 Proof of Reserves snapshot, per U.Today.
- User SHIB balances on Binance total 50.67 trillion, against 50.69 trillion SHIB in exchange wallets.
- Arkham Intelligence data shows 58.82 trillion SHIB, worth $251.16 million, in known Binance wallets.
- zk-SNARK Merkle root computation is ongoing, so users can't verify their balances yet.
What the SHIB numbers show
Binance's data puts user net account balances at 50.67 trillion SHIB, against 50.69 trillion SHIB held in exchange wallets. Of that reserve, 50.68 trillion sits at Binance's own addresses and 7.46 billion is held by third-party custodians.
It's a narrow cushion (that's what 100.04% means), but it's above parity.
The report also compares against the previous check on Nov. 4. User BTC balances rose 0.35% to 687,912 BTC, ETH balances rose 1.04% to 3.48 million ETH and BNB balances rose 1.03% to 42.95 million BNB. USDT went the other way, with user balances falling 3.68% to 24.3 billion, even as the stablecoin carried the report's highest coverage ratio at 104.34%.
Arkham's wallet count is higher
Arkham Intelligence data shows known Binance wallets holding 58.82 trillion SHIB, or 5.88% of total supply, worth $251.16 million. That's 8.13 trillion SHIB (about $34.7 million) more than the PoR figure, and U.Today calculated from the Arkham data that Binance holds about 16% more SHIB than it owes clients.
Binance said the PoR report only covers client deposits and the coins backing them. The company's own funds aren't included.
Arkham ranks Binance as the third-largest exchange by SHIB holdings. Only the burn address (410.44 trillion SHIB, or 41.04% of supply), Coinbase (74.53 trillion) and Upbit (64.14 trillion) hold more, with Robinhood, Crypto.com and Bithumb following at 57.12 trillion, 34.95 trillion and 16.74 trillion SHIB, respectively.
Verification isn't live yet
Binance said its PoR system is still computing the final Merkle Root Hash using zk-SNARKs. Until that computation finishes, users can't log in and confirm their balances are included in the overall ledger.
The report follows what U.Today described as an Oct. 29 attack in which hackers took funds from Binance across ten blockchains in 20 minutes, including nearly 500 billion SHIB, and which the outlet put at $6.34 billion. LeoDex News hasn't independently verified those figures.
At press time, SHIB traded at $0.00000426.
Frequently asked questions
Why does Arkham show more SHIB in Binance wallets than the Proof of Reserves report?
Arkham Intelligence data shows known Binance wallets holding 58.82 trillion SHIB, which is 8.13 trillion SHIB (about $34.7 million) more than the PoR figure. Binance said the PoR report covers only client deposits and the coins backing them, and it leaves out the company's own funds.
Can Binance users verify their own balances in the new reserve report yet?
Not yet. Binance said its PoR system is still computing the final Merkle Root Hash using zk-SNARKs. Once that finishes, users will be able to log in and check that their balances are included in the overall ledger.
