Key Notes
- Binance says replacement coverage reached 90% and ten major tokens are fully backed.
- Partial SAFU deployment is expected within 24 hours of the October 31 statement, alongside company and futures insurance reserves.
- Withdrawals remain targeted for November 1 while the full reserve proof is expected by November 3.
Binance says it has replenished 90% of the assets affected by its roughly $6.3 billion hack and remains on track to reopen withdrawals on Sunday, November 1. The exchange said ten major tokens are now fully backed, while it continues buying less-liquid assets to cover the remaining shortfall.
The October 31 security update describes replacement funding from Binance’s reserves and purchases, rather than announcing that investigators recovered 90% of the stolen cryptocurrency.
Ten Tokens Fully Backed, Binance Says
Binance listed BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC as having at least 100% backing. It said coverage of the overall affected amount had risen from approximately 80% in its previous update to 90%.
The outstanding 10% consists of tokens outside that group. Binance said those markets have less liquidity, making it harder to source the quantities required. Purchases through market and over-the-counter channels will continue with industry partners.
The exchange reiterated: “Binance will absorb the financial impact of these stolen funds, not our users.” These are Binance’s coverage statements; they do not establish that all stolen assets have been retrieved or that withdrawals have already reopened.
SAFU Deployment Expected Within 24 Hours
The funding plan combines Binance’s corporate treasury, part of its futures insurance reserves and a partial deployment of the Secure Asset Fund for Users, or SAFU. The SAFU deployment is expected within 24 hours of the October 31 announcement.
Binance said the futures insurance allocation came from reserves above the level required by its risk framework. It described those reserves as company funds, separate from customer assets, and said the remaining fund stays above its required coverage level.
The exchange also committed to rebuilding SAFU to approximately $1 billion. It did not disclose in this update the exact SAFU amount to be deployed or provide a complete funding split among the three sources. Its futures insurance fund balances are published separately from customer Proof of Reserves.
New Reserve Snapshot, Full Proof Still Pending
Binance said it took a new reserve snapshot at 00:00 UTC on October 31. When checked for this article, its public Proof of Reserves page displayed that timestamp, BTC coverage of 100.04% and a Merkle root marked as in progress.
The company estimates that generating the full zero-knowledge proof requires 40–50 hours of computation and targets availability by Tuesday, November 3, in UTC. The snapshot and displayed coverage ratios therefore precede completion of the cryptographic verification files; they are not a completed independent financial audit.
That Tuesday estimate is later than the Monday full-report target discussed in Richard Teng’s earlier recovery update. It is also a separate milestone from restoring withdrawals.
Sunday Withdrawal Target Remains in Place
Binance said it still expects to reopen withdrawals on Sunday, November 1, with more details to follow once confirmed. It supplied no exact restart hour in the new statement.
The update follows its commitment to set aside more than $6.34 billion in company funds. CoinScreamer’s full Binance hack investigation traces the reported attack sequence and distinguishes replacement funding, frozen tokens and recovered assets.
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