Binance replaces 90% of stolen crypto after $6.3B hack, eyes Sunday withdrawals
Author: Crypffalo Research · 22:53 31/10/2026
Binance says it has replenished 90% of the stolen assets, up from about 80% a day earlier, with BTC, ETH, USDT, BNB and six other tokens fully backed ahead of a planned Sunday withdrawal restart.
Binance says it has replaced roughly 90% of the crypto stolen in its $6.3 billion hack. That is up from about 80% in the exchange's previous update.
The update came on Saturday, Oct 31, according to CoinDesk and Cointelegraph. Binance is still targeting a restart of withdrawals on Sunday, Nov 1.
Key takeaways
- Progress: about 90% of stolen assets replaced, up from roughly 80%.
- Fully backed: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
- Shortfall: the remaining ~10% sits in less liquid tokens being bought on market and OTC.
- Funding: corporate treasury, part of the futures insurance fund and, next, SAFU.
- Withdrawals: targeted for Nov 1, with no network-by-network schedule yet.
How Binance is covering the losses
Binance says it will absorb the financial impact itself rather than pass it to users. Replacement assets come from corporate funds and the portion of its futures insurance fund above the required level.
The exchange says the remaining insurance fund still meets risk requirements. It also expects a partial deployment of SAFU over the next 24 hours and has committed to restoring the fund to about $1 billion.
Binance had already set aside more than $6.34 billion, including about $5 billion held in the affected cryptocurrencies. Those funds are separate from roughly $3 billion in stolen assets frozen by partners.
Proof of reserves and what is still missing
Binance published a fresh reserve snapshot taken at midnight UTC on Oct 31. CoinDesk reports coverage ratios of 100% or more for the listed tokens.
A full cryptographic proof, letting users verify their balances are included in reported liabilities, is due by Nov 3. CoinDesk also noted that the drained wallets were among those previously listed as backing customer holdings.
The gap now mostly consists of thinly traded tokens. Binance has not named them, saying only that it is buying them through public markets and over-the-counter deals with industry partners.
The investigation is still open
Co-CEO Richard Teng said on Friday that investigators had found additional breach points beyond a suspected compromised employee laptop. TRM Labs and Chainalysis have attributed the attack to TraderTraitor, a group linked to North Korea.
President Trump said the U.S. government is looking into the incident but did not confirm North Korean involvement. No official conclusion has been released.
What it means for crypto markets
Bitcoin traded near $77,500 on Saturday, close to where it settled after Friday's drop. The speed of Binance's replenishment eases fears of a contagion-driven selloff, but sentiment remains cautious.
- Bull case: withdrawals reopen smoothly on Nov 1 and the full proof of reserves checks out, gradually restoring trust in major exchanges.
- Risk case: the restart slips, or users rush to withdraw once it opens, pressuring BNB and broader liquidity.
Binance's own buying is another factor to watch. Repurchasing large amounts of tokens may add short-term demand for the affected assets, but it also thins the exchange's buffers.
What to watch next
- Sunday, Nov 1: withdrawal restart and which networks come back first.
- Next 24 hours: partial SAFU deployment and progress on the last 10%.
- By Nov 3: publication of the full cryptographic proof of reserves.
- Investigation findings and any recovery of frozen assets.
Track positioning on our real-time liquidations page and macro dates on the economic calendar.
Frequently Asked Questions
Will Binance users lose money from the hack?
Binance says the company will absorb the losses. Its 10 major tokens are reported as fully backed at 100% or more.
When can users withdraw from Binance again?
Binance is targeting Sunday, Nov 1. Exact timing and the order of networks have not been announced.
What makes up the remaining 10%?
Less liquid tokens that Binance has not named. It is buying them through markets and OTC desks.
*This content is for information only and is not financial advice.*
Tags: Binance, Hack, Security, BNB
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