Binance said on Saturday, October 31, that it had replenished about 90% of the assets stolen in the hacker attack and still plans to resume withdrawals on Sunday, November 1. This does not mean it recovered that much from the attacker. The point is rebuilding the backing for customer balances from its own funds.
The update („Update #3”) was published by the Binance account on X. The exchange recalls that it had earlier set aside more than $6.34 billion of its own funds to cover losses, and that in the previous update about 80% of the amount was covered. Now the share has risen to 90%. Co-CEO Richard Teng wrote that the exchange is obliged to cover the remaining 10%, and users will bear no financial consequences of the incident.
Where the money comes from and what „90%” means
According to CNBC, the 90% refers to restoring coverage for about $6.3 billion of assets stolen from hot wallets, not to recovering funds from the attacker. According to Binance, the replenishment came from part of the SAFU fund, part of the insurance fund for the futures market, and the company treasury. The exchange is buying the missing tokens on the market and in OTC transactions; according to Cointelegraph, the remaining shortfall concerns less liquid tokens. Binance also announces topping up SAFU to about $1 billion.
A separate matter is about $3 billion of assets frozen after the attack in cooperation with partners, including Tether and Circle. Binance notes that these funds are subject to further recovery and verification and are not counted toward the replenishment. The exchange declares cooperation with law enforcement.
Proof of Reserves and withdrawals
Binance published a new Proof of Reserves snapshot from October 31, 00:00 UTC. According to the exchange, ten tokens have full, 100% backing: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Users can verify for themselves whether their assets are backed at a ratio of at least 1:1.
The exchange still plans to resume withdrawals on Sunday, November 1, but cautions that this depends on completing security checks and final confirmation. Details are to be given in a further update. Earlier, we described how the attack turned out to be more complex than assumed, and how the exchange pointed to an engineer’s laptop.
What it means for users in Poland
Until withdrawals resume, you cannot withdraw funds from Binance. According to the exchange, deposits and platform services have been working normally. Customer balances are to be covered from the exchange’s funds, so there is no need to withdraw them in a hurry. After such incidents, fake messages and phishing attempts tend to increase: look for information only on Binance’s official accounts, do not click links in messages, and never share codes or passwords with anyone. The suspected attackers have not been officially identified; the link to North Korea is TRM Labs’ assessment, not a finding by law enforcement.
