Binance updates Proof of Reserves addresses, will route all withdrawals through new wallets

Binance has updated its Proof of Reserves wallet addresses and will route all customer withdrawals through these new wallets, following a recent security breach. The exchange said the move is designed to restore user confidence by ensuring reserve attestations reflect wallets actively processing outflows. The update follows an incident in which roughly $1.5 million in crypto was drained from Binance wallets via a compromised API key linked to market maker B2B2C, with Binance covering affected user losses from its own funds. The change matters because Proof of Reserves credibility has been a persistent concern for exchanges since the FTX collapse, and routing withdrawals through attested addresses directly ties reserve claims to actual user activity. Watch for whether withdrawal volumes spike as users test the new wallets, and whether Binance publishes updated cryptographic attestations covering the reorganized addresses.