Binance Confirms Full SHIB Backing After $6.3B Hack

Binance has confirmed that customer Shiba Inu balances are fully backed following the October 29 security breach, reporting a coverage ratio of 100.04% as of November 12, 2026, at 00:00 UTC. U.Today reported that the exchange issued an unscheduled proof-of-reserves update after hackers made off with $6.34 billion.

For SHIB owners, the top-line numbers show Binance’s recorded reserves just exceeding its customer obligations. The remaining task is completing the calculations that will allow individual users to verify their personal balances against the reserve ledger.

Binance SHIB Reserves Cover Customer Balances

According to Binance, net customer balances stand at 50.67 trillion SHIB, backed by reserves of 50.69 trillion SHIB. This 100.04% proportion provides a very thin margin above complete coverage — enough to clear the required threshold, though without leaving a substantial buffer.

Out of those reserves, 50.68 trillion SHIB is stored in Binance’s proprietary addresses, while another 7.46 billion SHIB is managed by third-party custodians. Together, these two repositories constitute the reported backing for user deposits.

Corporate funds are left out of this accounting. The customer reserve ledger serves as the sole metric for this disclosure.

The SHIB Reserve Update Follows a $6.34 Billion Theft

The October 29 incident targeted ten blockchains over a span of roughly 20 minutes. The stolen funds included nearly 500 billion SHIB, placing the cryptocurrency directly into the post-incident assessment.

In response to the breach, Binance captured an extra reserve snapshot at Bitcoin block height 975493. The figures released on November 12 represent the subsequent accounting of SHIB holdings that the platform maintains to support its users.

The crucial takeaway for holders is straightforward: despite the occurrence of the theft, Binance’s newest disclosure indicates it still retains enough SHIB to honor every customer balance.

Arkham Tracks a Broader Binance SHIB Wallet Total

Data from Arkham Intelligence estimates known Binance-associated wallets hold 58.82 trillion SHIB, which accounts for 5.88% of the cryptocurrency’s circulating supply. This amount exceeds the reserve report because Binance omits its corporate assets from the customer-backing figures, creating the discrepancy between the two totals.

The published 50.69 trillion SHIB represents the amount Binance dedicates to user coverage. While Arkham’s figure offers broader context regarding the exchange’s overall exposure to the token, the reserve ratio is the metric that addresses whether deposits remain properly supported.

Binance’s Customer Balance Check Is the Next Step

At the time of the November 12 snapshot, Binance noted that its platform was still computing the final Merkle Root Hash utilizing zk-SNARKs. Once this computation concludes, account holders will be able to log in and confirm that their specific balances are accounted for within the ledger.

Consequently, while aggregate SHIB coverage has been published, individual verification tools remain active. The completion of this calculation marks the next practical milestone to anticipate.

Binance maintains that customer SHIB deposits are entirely backed in the wake of the October breach. The promised balance verification mechanism will transform that assertion into a fact that every depositor can independently check.

?FAQ

01How much SHIB does Binance report holding with third-party custodians?

Binance lists 7.46 billion SHIB with third-party custodians. It separately assigns 50.68 trillion SHIB to its own addresses in the reserve breakdown.

02How much SHIB was reportedly stolen in the Oct. 29 attack?

Nearly 500 billion SHIB was reportedly taken. The token was part of an attack spanning ten blockchains, with total losses put at $6.34 billion.

03At which Bitcoin block height was the additional post-attack reserve snapshot taken?

Binance used Bitcoin block height 975493 for the additional post-attack reserve record. The exchange later published customer coverage figures dated November 12 at 00:00 UTC.

04Why does Arkham show a larger Binance SHIB wallet balance than the reserve report?

Arkham tracks known Binance wallets, while Binance says its reserve report covers customer deposits and their backing assets, excluding company funds. Arkham’s wallet total is 58.82 trillion SHIB; Binance lists 50.69 trillion SHIB in customer reserves.

05How will customers check whether their balances are included once the Merkle Root Hash is complete?

Binance says customers will be able to sign into their profiles and check inclusion in the overall ledger. The system was still calculating the final Merkle Root Hash using zk-SNARKs at the time of the snapshot on November 12.

This article is for information only and is not financial advice.