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.
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. However, authorities have not confirmed whether those funds can ultimately be recovered. It added that regulators require it to maintain a minimum balance in the futures insurance fund. US officials are also investigating the breach.
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. 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. The exchange said deployment of SAFU would continue over the next 24 hours. 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. Around $3 billion of the stolen assets had potentially been identified and frozen across multiple cryptocurrency exchanges, according to the report.
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. “Binance will absorb the financial impact of these stolen funds, not our users,” the exchange said in its update . 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. 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. 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.
