Binance says it has now replenished 90% of the cryptocurrency stolen in the record $6.3 billion hack of its platform, up from about 80% in its previous update, and it remains on track to reopen withdrawals on Sunday, November 1.
The exchange said in its October 31 update that customer holdings in 10 major tokens are now fully backed: bitcoin, ether, Tether, BNB, Solana, USD Coin, XRP, USD1, RLUSD and Zcash. Users holding those tokens will be able to verify backing of at least 1:1 once the full proof-of-reserves proof is available, the company said.
How Binance is paying for the recovery
Binance said it has set aside around $6.34 billion of company funds internally to cover the losses, including $5 billion held in the affected cryptocurrencies themselves. The replacement assets are being bought with a mix of its corporate treasury, a partial deployment of its Secure Asset Fund for Users (SAFU), and part of its futures insurance fund, with a further slice of SAFU expected to be deployed over the next 24 hours.
The company said it intends to restore SAFU, its emergency user-protection reserve, to about $1 billion, and that the futures fund remains above its required coverage level. “We’ve now replenished 90 per cent of the stolen assets, and we’re committed to covering the remaining 10 per cent. Our users will not bear the financial impact of this incident,” co-CEO Richard Teng said on X on Saturday, according to CNA.
What is still missing
The remaining 10% consists of less liquid tokens outside the top 10, which Binance said may take longer to source in the required quantities. It said it will keep buying those tokens through market transactions and over-the-counter channels until all affected assets are covered.
Binance also took a fresh proof-of-reserves snapshot at 00:00 UTC on October 31. The full cryptographic proof, which would let users independently verify that their balances are included in the reported liabilities, is expected by November 3.
Withdrawals and the investigation
Withdrawals remain paused pending security checks, but Binance said it is on track to resume them on Sunday, November 1, within its previously stated timeframe. It has not given a precise reopening time.
The breach hit Binance’s hot wallets at around 20:05 UTC on October 29, with about $6.3 billion in cryptocurrency withdrawn without authorisation. Teng said on Friday that the attack was a “complex attack” involving a compromised laptop and software designed to delete evidence, and that investigators had found additional breach points beyond the initially suspected employee laptop. Earlier Emadan coverage explains what users were told when withdrawals were first paused and how the breach may have started with a compromised DevOps laptop.
Blockchain analytics firms TRM Labs and Chainalysis have attributed the attack to TraderTraitor, a North Korea-linked hacking group. Binance itself has not publicly confirmed the attackers’ identity, and US President Donald Trump said on Friday that “we don’t know” whether North Korea was behind the breach. US investigators are separately tracing the stolen funds.
What to watch next
Three dates matter now: whether withdrawals do resume on November 1 as planned, whether the full proof-of-reserves proof arrives by November 3, and how long the final 10% of less liquid tokens takes to replace. Until the full proof is published, the 90% figure rests on Binance’s own update rather than independently verifiable data.
Frequently asked questions
Are Binance users going to lose money? Binance says no: it says it is absorbing the financial impact from company funds, not from user balances. That is the company’s statement; the proof-of-reserves proof due by November 3 is the check users can run themselves.
Which tokens are fully backed now? Bitcoin, ether, Tether, BNB, Solana, USD Coin, XRP, USD1, RLUSD and Zcash, according to Binance’s October 31 update.
When do withdrawals resume? Binance says it remains on track for Sunday, November 1, subject to security checks, but has not given an exact time.
Sources
- CoinDesk — Binance says it has replaced 90% of stolen crypto after massive $6.3 billion breach
- CNA — Binance says it has covered 90% of losses from $6.3 billion hack so far
- CNBC TV18 — Binance replenishes 90% of assets stolen in security incident
- NDTV Profit — Binance hack: crypto exchange says 90% of stolen assets replenished
- Financial Express — Binance says it has replenished 90% of assets stolen in a $6.3B hack
