Binance said it has replenished 90% of the assets stolen in its hack, which it estimated at $6.3 billion. Withdrawals remain paused ahead of a targeted Nov. 1 restart, and the full cryptographic proof of reserves is now expected by Nov. 3.
Binance said on Oct. 31 that it had replenished 90% of the assets stolen in a hack it estimated at $6.3 billion. Customer withdrawals remain paused while the exchange works toward a targeted Nov. 1 restart.
Co-CEO Richard Teng said on X that the exchange would cover the remaining 10%. Teng wrote that "Our users will not bear the financial impact of this incident".
Remaining 10% sits in less-liquid tokens
The progress concerns replacing the specific tokens that were stolen. In its Oct. 30 update, Binance set aside more than $6.34 billion in company funds, but only $5 billion was already held in the matching token assets, about 80% of the estimated loss.
The outstanding 10% consists of less-liquid tokens that take longer to source, Binance said. It continues buying them through markets and over-the-counter channels.
Binance is funding the effort from three sources: its Secure Asset Fund for Users (SAFU), its Futures insurance fund and its corporate treasury. The exchange expects to deploy part of the SAFU within 24 hours and has committed to restoring that fund to around $1 billion.
Reserve figures published, full proof pending
Binance also published an updated Proof of Reserves page. It reports 100.04% backing for BTC and 100% for both ETH and USDT, based on a snapshot from 8 p.m. ET on Oct. 30.
The exchange confirmed that 10 major crypto assets and stablecoins are fully backed at 100%, including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
However, generating the full zero-knowledge proof takes about 40 to 50 hours, and Binance now estimates it will be available by Nov. 3 UTC. Its Oct. 30 update had anticipated results by Nov. 2, so the verification timetable now extends beyond the targeted withdrawal restart.
Binance said it is now focused on resuming withdrawals and expects the service to reopen on November 1, as previously announced.
Sources: The Defiant, Crypto Briefing
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