Binance hack: exchange covers 90% of stolen funds, withdrawals due Nov 1

What is new. In its last update Binance said it had set aside more than $6.34bn of its own money to cover the hack and had covered about 80% of the loss. That is now 90%. For the ten biggest coins on the exchange, including BTC, ETH and USDT, there is no gap left, Binance says.

Where the money came from. The exchange named three sources. First, part of SAFU, an emergency fund of about $1bn meant to protect users. Binance says this partial use will happen over the next 24 hours, and the fund's bitcoin address is public. Second, part of its futures insurance fund, a reserve that covers losses from liquidations. Third, the company's own treasury.

Is that a risk for futures traders? The insurance fund exists so that winning positions are not closed by force (this is called ADL, auto-deleveraging). Binance says it only took the excess above the required level and the fund stays above that level. Outsiders cannot fully check this; Binance publishes the fund balance once a day.

What is left. The remaining 10% are coins outside the top ten. There is less of them on the market, so buying enough takes longer. Binance says it is working with industry partners. It also promises to refill SAFU to about $1bn afterwards.

Reserves. Binance took a new reserves snapshot at 00:00 UTC on October 31 and has posted it on its Proof of Reserves page. The full zero-knowledge proof, which lets each user check that their coins are backed at least 1:1, takes 40 to 50 hours to compute. Binance expects it by Tuesday, November 3.

Withdrawals. The next step is reopening withdrawals. Binance says it is on track to do so within its earlier timeframe, on Sunday, November 1, and will share details separately. For now that is a plan, not a fact.

For the bigger picture, see our investigation into how the money moved after the hack (freekonomist.com/investigations/binance-hack/).

Fatos confirmados

• Binance said it has covered 90% of the stolen funds, up from about 80% in its last update, and has set aside more than $6.34bn of company money to cover the loss.^[1][2]
• BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed, according to Binance.^[1][2]
• The cover came from part of the SAFU fund, part of the futures insurance fund and Binance's own treasury. The partial SAFU use is expected over the next 24 hours.^[1]
• The remaining 10% are less liquid tokens outside the top ten. Binance is buying them on the market and over the counter with industry partners.^[1][2]
• Binance said it will absorb the financial impact of the theft, not its users.^[1]
• A new reserves snapshot was taken at 00:00 UTC on October 31. The full zero-knowledge proof takes 40 to 50 hours and is expected by Tuesday, November 3.^[1][2]
• Binance said it remains on track to reopen withdrawals on Sunday, November 1, and will share details later.^[1][2][3]
• Binance promises to refill SAFU to about $1bn. It says the futures insurance fund stays above its required level.^[1]

Implicações

• ConfirmadoThe biggest coins on Binance are fully backed again, according to the exchange itself.
• ConfirmadoWithdrawals are still paused; November 1 remains Binance's target.
• Nossa leituraHolders of smaller coins on Binance may have to wait longer. This is our reading.
• Nossa leituraBacking can only be checked independently once the full proof of reserves is out. This is our reading.

Ainda não se sabe

• What time on November 1 withdrawals reopen and whether there will be limits
• Which coins make up the uncovered 10% and when they will be bought
• How much was taken from SAFU and from the futures insurance fund
• Who was behind the attack

Quem é afetado

World. People who hold coins on Binance, and anyone following crypto exchange security

Fontes

1. Binance: Security Incident | Recovery Update #3: 90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided (2026-10-31) 31 de outubro de 2026 · oficial
2. Reuters (via MarketScreener): Binance replenishes 90% of assets stolen in security incident 31 de outubro de 2026 · mídia
3. Sky News: Majority of funds stolen in cryptocurrency hack replenished, Binance says 31 de outubro de 2026 · mídia