Binance has announced that it has completed the recovery and replenishment of assets equivalent to approximately 90% of the $6.34 billion in losses from the largest hack in its history, and has secured 100% payment reserves for the top 10 major crypto assets.
Global cryptocurrency exchange Binance announced on the 31st that it had covered 90% of the stolen assets using its own funds in connection with the recent on-chain security breach involving $6.34 billion (approximately 8.5 trillion won). According to Binance’s official Recovery Update #3, the top 10 crypto assets that account for a core share of the exchange’s liquidity—Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB (BNB), Solana (SOL), USD Coin (USDC), Ripple (XRP), USD1, RLUSD and Zcash (ZEC)—have already secured complete 100% payment reserves at a 1:1 ratio.
To cover the funds, Binance deployed not only its Corporate Treasury, but also the Secure Asset Fund for Users (SAFU) held with a regulated trust institution in Abu Dhabi and excess surpluses from its futures insurance fund above the regulatory threshold. The exchange added that it plans to immediately replenish the SAFU balance, reduced by the fund deployment, to $1 billion and restore its emergency reserve system. The remaining 10% of assets not yet covered consists of small- and mid-cap altcoins with relatively low order-book liquidity. To minimize market impact, Binance is continuing to purchase them sequentially both on and off exchange in coordination with OTC desks and institutional partners.
Alongside the asset replenishment, Binance updated and published a new Proof of Reserves (PoR) snapshot as of 00:00 UTC on October 31. Because generating zero-knowledge proof (zk-Proof) computations for large-scale data verification takes approximately 40 to 50 hours, individual user verification of 1:1 collateralization is expected to be fully available around November 3. Meanwhile, as originally announced, Binance plans to resume withdrawal services normally on November 1 without disruption and reiterated its principle that the exchange will bear all financial losses caused by the security incident rather than passing them on to users.