Binance announced progress in restoring stolen assets, stating that 10 cryptocurrencies are now fully backed at 100%. The affected tokens include BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.
In an update on October 31, Binance said the covered amount of stolen losses had increased to 90%, up from approximately 80% reported in its previous statement. The exchange is sourcing less liquid tokens to cover the remaining 10% shortfall through market and over-the-counter channels, with assistance from industry partners.
"Binance will absorb the financial impact of these stolen funds, not our users," the exchange said, committing to purchase remaining token assets until full coverage is achieved.
Recovery Funding Sources
The replenishment effort draws on multiple sources, including corporate treasury funds, futures insurance reserves, and the Secure Asset Fund for Users (SAFU). More than $6.34 billion in company funds had been allocated under the recovery plan.
Binance stated it rebalanced its Futures Insurance Funds to cover affected assets, releasing only excess reserves while maintaining required regulatory balances and internal risk coverage. The exchange committed to restoring SAFU to approximately $1 billion.
Verification and Withdrawal Timeline
Binance published a new reserve snapshot taken on October 31 using its proof-of-reserves system. Generating the zero-knowledge proof, which verifies asset backing without exposing individual customer balances, requires approximately 40 to 50 hours. Holders of the 10 fully backed tokens are expected to verify minimum 1:1 backing by Tuesday, November 3.
The exchange remained on track to reopen withdrawals on Sunday, November 1, with plans to provide further details once reopening specifics were confirmed.
