Binance's wallets on the TON network currently hold approximately $150 million in assets: 57.7 million TON valued at $68.5 million, 54.8 million USDT, and an additional $26.4 million in NOT, DOGS, HMSTR, and CATI. This sum is calculated based on addresses from the exchange's latest proof-of-reserves report and wallets linked to them by transfers. The peak amount held was $1.4 billion on December 8, 2024.
What Binance Publishes About Reserves
Binance publishes its Proof of Reserves report on a dedicated page. It demonstrates that client assets are covered one-to-one by the coins held in the exchange's wallets. The latest snapshot was taken on October 31, 2026, at 00:00 UTC, just hours after the October 29 hack.
The snapshot includes ten coins: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, ZEC, and RLUSD. For each, the report specifies the amount owed to clients versus the amount held by the exchange. For instance, for USDT, this is 29.48 billion owed to clients against 29.48 billion in wallets. There is no separate entry for TON in the report.
The 'Download All Address' button on the same page downloads the wallet_address_20261031.zip archive, containing three tables:
HotCold.csv— 596 hot and cold wallets of the exchange with their balances;New_Wallet_Address.csv— 119 new wallets that the exchange created for this snapshot;Deposit.csv— 23 million deposit addresses that Binance issues to clients; the file weighs 1.9 GB.
A user with their account can verify that their balance is included in the total liabilities. To do this, the exchange constructs a Merkle tree, where each leaf is a hash of the account number and its balance, and the root of the tree is published on the report page. That the sum of all leaves is consistent and no balance is negative is proven by zk-SNARK — a cryptographic proof that can be verified without seeing the balances themselves. The scheme's code is open source.
What the Report Says About TON
The TON network appears in the archive only as a network for USDT. In HotCold.csv, there are three such entries:
| Wallet | USDT as of October 31 |
|---|---|
| UQD4uGNd…TYCQx, cold | 69,374,690 |
| UQDKHZ7e…zCSRH, former hot | 3 |
| UQAdCl0u…9aEbe, Ceffu custodian | 25,024 |
Ceffu, formerly Binance Custody, is a custodian where institutional clients hold assets off-exchange but with access to trading on it.
New_Wallet_Address.csv includes UQBCLtIY…HRMGD — a new hot wallet on TON, the only address in the archive that lists GRAM alongside USDT. Both entries have a zero balance: the wallet was created after the hack and received nothing before the snapshot. Deposit.csv contains 59,618 deposit addresses for USDT on the TON network, holding a total of 2.9 million USDT.
The report does not account for TON, NOT, DOGS, and other tokens themselves, even though they are held at the same addresses.
How Much Binance Actually Holds in TON
The balances below represent everything held in the wallets from the report, plus one additional cold wallet not included in the archive. UQCv-DtL…io0Dv has been topping up the exchange's former hot wallet since November 2024, and on November 1, 2026, it received 39.1 million TON and 39.4 million USDT from the cold wallet listed in the report. It currently holds 37.6 million TON and 29.4 million USDT — more than any address in the archive. Deposit addresses are not included in this calculation.
The story begins with NOT. Binance listed it on May 16, 2024, and until August, almost the entire sum was NOT: from $300 million to $500 million. The exchange added TON on August 8, 2024, on which day its wallets held $350 million, comprising $285 million in NOT and $65 million in USDT. In autumn, DOGS, HMSTR, and CATI were added.
On December 8, 2024, the total reached $1.4 billion: 46 million TON worth $313 million, 503 million USDT, and $583 million in memecoins, of which $253 million was NOT. After this, the total amount declined for almost two years. The main reason was prices: TON depreciated from $6.8 to $1.19, and NOT, DOGS, and HMSTR fell by tens of times. The quantity of TON in the exchange's wallets, however, increased: 46 million then versus 57.7 million now.
USDT left in steps. On February 19, 2025, the former hot wallet sent 400 million USDT; on June 9, 325 million; on March 17, 2026, 250 million; on July 17, 50 million; on August 21 and September 24, 100 million each; and on October 21, 80 million. That is 1.3 billion USDT in total, all sent to the Tether treasury wallet, the USDT issuer. Over the same period Binance received only 0.8 million back from it. USDT returned to the issuer leaves circulation on TON: Tether either pays out dollars for it or issues the same amount on another network. Which of the two happened here cannot be seen from TON data.
Tether has issued 1.43 billion USDT on TON in total, and 929 million of it sits in the treasury. About 501 million remains in circulation, and about 58 million of that is on Binance wallets, deposit addresses included.
On October 29, the day of the hack, wallets held $172 million; on November 3, $150 million. The difference was due to the depreciated TON and client withdrawals via the new hot wallet.
Where Assets Are Held
| Wallet | TON | USDT | Other |
|---|---|---|---|
| UQCv-DtL…io0Dv, cold, not in report | 37.6 million | 29.4 million | 77 million CATI |
| UQD4uGNd…TYCQx, cold, from report | 15 million | 20 million | 220.5 billion DOGS, 20.2 billion NOT, 41.4 billion HMSTR, 94.6 million CATI |
| UQBCLtIY…HRMGD, new hot | 3.85 million | 0.76 million | — |
| UQAdCl0u…9aEbe, Ceffu | 0.45 million | 0.03 million | 184 million HMSTR |
The former hot wallet, through which all withdrawals occurred before the hack, is empty: it holds 13 TON and 3 USDT. The new hot wallet has sent approximately 5,400 transfers since November 1 — the exchange is once again paying clients on the TON network.
