Binance has raised the proportion of stolen funds covered following its recent hack to 90%, up from approximately 80% in its previous update, as the exchange continues to use company resources to compensate for the incident.
The exchange said Saturday that 10 major crypto assets and stablecoins are fully backed at 100%: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
Funding the recovery
Binance said Friday it would allocate more than $6.3 billion in company funds toward covering the incident. It is continuing to purchase the remaining affected assets through market and OTC channels, and said the exchange, rather than its users, will absorb the financial impact of the stolen funds.
The recovery is being funded through three sources: Binance's Secure Asset Fund for Users, or SAFU, its Futures insurance fund and its corporate treasury. Binance expects to deploy part of SAFU within 24 hours and has committed to restoring the fund to around $1 billion. SAFU was established in 2018 as an emergency reserve to protect users in cases such as security breaches.
Binance has also allocated part of its Futures insurance fund to the recovery effort, saying the remaining balance is still above the minimum required under its risk-management rules. The fund covers losses from bankrupt futures positions and helps limit auto-deleveraging. The firm said it would use corporate funds to top it up if the balance falls below the required level.
Proof of reserves and withdrawals
Alongside the recovery effort, Binance published a new Proof of Reserves snapshot based on asset balances recorded at 00:00 UTC on October 31. The exchange said generating the full zero-knowledge proof would take approximately 40 to 50 hours, with results expected by November 3. Users holding any of the 10 fully backed tokens will then be able to verify that their balances have at least 1:1 backing.
Binance said it is now focused on resuming withdrawals and expects the service to reopen on November 1, as previously announced.
