- Binance has replenished approximately 95% of the roughly $6.3 billion stolen in the Oct. 29 hot-wallet hack using company funds.
- Users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can now independently verify 1:1 reserve backing via a completed zero-knowledge proof.
- The FBI attributed the attack to North Korea’s TraderTraitor group, the same actors linked to the 2025 Bybit heist.
- The exchange is expanding withdrawal access and plans another full reserve snapshot on Nov. 4.
Binance has completed a zero-knowledge proof of reserves for ten major assets, allowing customers to independently confirm that their balances remain fully backed after the exchange covered the bulk of losses from the largest cryptocurrency hack on record.
In its Recovery Update #5 published Monday, the exchange said the cryptographic proof for the Oct. 31 snapshot is now available, covering bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. The Block reported that Binance has replenished about 95% of the impacted assets with its own funds, up from 90% in the prior update, with the remaining 5% consisting of less-liquid tokens still being acquired through market and OTC channels.
The original breach, which occurred on Oct. 29, drained an estimated $6.3 billion from Binance hot wallets across multiple chains. The FBI attributed the theft to North Korea’s TraderTraitor hacking group. Binance has repeatedly stated it will absorb the full financial impact using corporate resources, a partial SAFU deployment and its futures insurance fund, rather than customer balances. In an earlier support announcement, the exchange confirmed it had set aside more than $6.34 billion for the recovery.
“We’ve completed the latest Proof of Reserves verification, giving users another way to independently check that their assets are backed,” Binance co-CEO Richard Teng wrote on X. The company plans another reserve snapshot covering additional tokens on Nov. 4, with the corresponding proof expected to take 40 to 50 hours to generate. It is also progressively restoring withdrawals for more networks and assets beginning Tuesday.
The recovery continues against a backdrop of heightened exchange security concerns. On Monday, Brazil’s Mercado Bitcoin halted deposits and withdrawals after a separate incident drained more than $40 million across at least 10 chains, according to CoinDesk. Tether froze roughly $4.5 million in related USDT. No link to the Binance attack has been established.
Binance users can verify their holdings through the exchange’s proof-of-reserves portal. The exchange has said it remains committed to full coverage and transparent reporting as it works through the remaining less-liquid assets and expanded withdrawal access.
