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Binance says it has covered 90% of losses after $6.3 billion crypto hack
Binance says customer assets remain safe as new update says it uses SAFU reserves, insurance funds and corporate treasury after record cyberattack.
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Binance said it has now covered 90% of the losses linked to the record-breaking cyberattack that struck the world’s largest cryptocurrency exchange. The has now moved closer to restoring normal operations.
The latest update comes a day after Binance disclosed that hackers had moved more than $6 billion through wallets linked to the security breach.
Earlier, the company said it had already covered about 80% of the affected assets using company reserves. The company said it will continue buying the remaining affected assets until all stolen holdings are fully replaced, while maintaining that users will not bear any financial losses.
Deep Dive
In its latest statement, Binance said all holdings of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC) are now 100% backed. “Binance will absorb the financial impact of these stolen funds, not our users,” the exchange said in its update.
Binance outlines recovery plan after historic crypto hack
Binance said it replenished customer backing through a combination of its Secure Asset Fund for Users (SAFU), part of its Futures insurance fund, and its corporate treasury.
The exchange said deployment of SAFU would continue over the next 24 hours. It added that regulators require it to maintain a minimum balance in the futures insurance fund.
To reassure customers, Binance also announced a fresh Proof of Reserves (PoR) snapshot dated October 31, 2026. The exchange said users would be able to verify that their assets remain backed at least 1:1 once the full zero-knowledge proof is generated, a process expected to finish by November 3.
The company also reaffirmed that it remains on schedule to resume withdrawals on Sunday, November 1, subject to final operational checks.
Also read: Binance says $6.3 billion crypto heist was a complex attack, and not just 1 compromised laptop
Authorities investigate as crypto markets react
NBC News reported that the cyberattack shook the digital asset industry at a time when cryptocurrencies were already facing renewed regulatory uncertainty and market volatility.
According to the report, around $3 billion of the stolen assets had potentially been identified and frozen across multiple cryptocurrency exchanges. However, authorities have not confirmed whether those funds can ultimately be recovered.
Binance co-CEO Richard Teng said in a video statement that hackers targeted the company’s corporate holdings and not individual customer accounts.
“Your assets are safe,” Teng said as he outlined Binance’s recovery strategy.
US officials are also investigating the breach. The US Secret Service said it is working with Binance and private-sector partners to identify, trace and recover stolen funds.
President Donald Trump said his administration was monitoring the incident and welcomed Binance’s commitment to reimburse losses.
