Binance has recovered 90% of the cryptocurrency stolen in a $6.3 billion security breach, up from roughly 80% in its previous update, the exchange said. It is targeting Sunday, November 1, to resume customer withdrawals.
The remaining 10% consists primarily of less-liquid tokens that require more time to acquire through market purchases and over-the-counter transactions, according to Binance. The exchange said it is working with industry partners to reach 100% coverage across affected assets.
Ten cryptocurrencies fully backed
Binance confirmed that customers holding ten major cryptocurrencies are now fully backed: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USDC, XRP, USD1, RLUSD and Zcash (ZEC).
Funding the recovery
To finance the recovery, Binance said it allocated approximately $6.34 billion in company resources from three sources: its Secure Asset Fund for Users (SAFU), its Futures insurance fund and its corporate treasury. Co-CEO Richard Teng reiterated that the exchange would absorb the financial impact rather than pass losses on to customers.
Proof of Reserves and withdrawal timeline
Binance also published a new Proof of Reserves snapshot dated October 31. It said the updated figures will let customers verify their holdings are backed 1:1 once the full zero-knowledge proof is generated. The cryptographic verification process is expected to take approximately 40 to 50 hours, with completion anticipated by November 3.
Restoring withdrawals remains the exchange’s immediate priority. Binance said it remains on track to reopen withdrawals on Sunday, November 1, though further confirmation is expected.
Security questions remain
The incident involved a compromised laptop and malicious software intended to erase evidence, according to Binance’s earlier description. While recovering 90% of the stolen assets marks progress, the breach has raised questions about centralized exchange security and the risks of holding large amounts of cryptocurrency on trading platforms.
