Binance has replenished approximately 90% of the assets stolen in a record-breaking $6.3 billion security breach, the exchange confirmed. The company said it is on track to restore customer withdrawals on Sunday, November 1, after using a combination of its Secure Asset Fund for Users, futures insurance fund, and corporate treasury to cover the losses.
Among the ten major cryptocurrencies now fully backed are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USDC, XRP, USD1, RLUSD, and Zcash (ZEC). The remaining 10% consists primarily of less-liquid tokens that require additional time to acquire through market purchases and over-the-counter transactions, according to Binance.
Co-CEO Richard Teng reiterated that Binance would absorb the financial impact of the incident rather than pass losses on to customers. The exchange has allocated approximately $6.34 billion in company resources to fund the recovery. Binance also published a new Proof of Reserves snapshot dated October 31, and said a full zero-knowledge proof is expected to be generated within 40 to 50 hours, around November 3.
The attack was previously described as a sophisticated breach involving a compromised laptop and malicious software intended to erase evidence. While the recovery progress is substantial, the incident has renewed concerns about centralized exchange security and the risks of holding large cryptocurrency balances on trading platforms.
