Key Notes
- Binance says it has completed replacement coverage for assets affected by the $6.34 billion security incident.
- The exchange used its corporate treasury, part of SAFU and surplus futures insurance reserves to fund token purchases.
- A November 12 snapshot covers 198 tokens, while Binance says the full zero-knowledge proof needs approximately 40–50 hours to generate.
Binance says it has completed coverage of the assets affected by its $6.34 billion security incident, using company resources to replace the missing tokens through market and over-the-counter purchases.
The exchange’s November 12 announcement also introduces a new Proof of Reserves snapshot covering 198 tokens. The full zero-knowledge proof for that snapshot remains under preparation, leaving a further verification step after publication of the reserve figures.
Three Sources Funded the Replacement Purchases
Binance committed more than $6.34 billion in company funds following the incident. It says the purchases drew on its corporate treasury, part of the Secure Asset Fund for Users, known as SAFU, and a portion of its futures insurance fund above the level required by its risk-management framework.
The exchange has reiterated its commitment to rebuild SAFU to approximately $1 billion. It has not supplied a complete allocation of the replacement funding among the three sources in the latest statement.
Binance’s earlier recovery FAQ explains that the futures insurance funds support derivatives trading by absorbing losses from bankrupt positions and limiting the need to reduce other traders’ profitable positions. Binance describes those funds as company reserves, separate from customer assets.
In its October 31 update, the exchange said the remaining insurance balance stayed above its required coverage level. It also said SAFU serves as an emergency reserve for incidents such as security breaches.
A 198-Token Snapshot With Proof Still Pending
The new snapshot was taken at 00:00 UTC on November 12. Binance estimates that generating its complete zero-knowledge proof will require approximately 40–50 hours of computation.
The public reserve page lists BTC backing of 100.05%, ETH at 100.02% and USDT at 104.34%. Its Merkle root remains marked as in progress. These are Binance’s reported reserve ratios for the snapshot.
The platform uses a Merkle tree to combine account balances into a cryptographic record. Its verification process lets customers check that their own balance was included in the aggregate liabilities calculation without exposing other users’ account details. Customers can find their record ID and Merkle leaf in the verification section of their account.
Publishing the snapshot and completing those proof files are separate milestones. Binance says holders of affected tokens will be able to verify backing of at least one-for-one once generation is complete.
Replacement Funding and Withdrawal Access
The statement advances the October recovery update, when Binance reported 90% coverage and said less-liquid tokens would take longer to source. Replacing those assets restores inventory rather than establishing that the original stolen coins have been recovered.
Binance says withdrawals continue to reopen in phases, following the November restart. It also says holders of a small number of affected tokens it no longer supports will be covered through its delisting process.
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