Binance says it has restored 90% of the cryptocurrency assets it claims were stolen in its record $6.3 billion hack, up from 80% the day before. The exchange also says it is on track to restart withdrawals on Sunday, signaling that the recovery process is moving closer to full operational normalcy.
In a statement provided to Cointelegraph, a Binance spokesperson said the exchange is using multiple internal funding sources to make customers whole: its corporate treasury, a partial deployment of the Secure Asset Fund for Users (SAFU), and part of its futures insurance fund. Binance reiterated that it will “absorb the financial impact of the stolen funds, not users,” while maintaining that its insurance fund remains above required risk management thresholds.
Key takeaways
- Binance reports it has replenished 90% of the stolen assets, up from 80% previously.
- The exchange says withdrawals were expected to resume on Sunday as part of its recovery plan.
- Funding is coming from Binance’s corporate treasury plus partial use of SAFU and the futures insurance fund.
- Binance maintains customer balances are fully backed in BTC, ETH, and eight other assets, while covering remaining shortfalls in less liquid tokens through additional buying.
- CertiK previously said it needed more information to verify replacement amounts; Binance has published a new reserves snapshot and is generating a full zero-knowledge proof.
A recovery that is accelerating, but details remain limited
The latest update follows Binance’s accounting of the hack that occurred earlier this week, which the exchange framed as its largest incident to date. According to Binance’s recovery communications, the replenishment rate has increased quickly—jumping by 10 percentage points in a day.
While that progress matters for users anxious about access to funds, the exchange’s messaging also leaves key questions unanswered. The spokesperson did not provide a breakdown showing how much of the recovered amount came from each funding source, nor did they disclose the insurance fund’s minimum required balance that it says it is staying above. Binance also did not state how much of the stolen cryptocurrency has been recovered so far.
How Binance says it will cover losses
Binance’s approach centers on replacing stolen assets rather than leaving customers to absorb losses. The spokesperson told Cointelegraph that the exchange will take responsibility for the financial impact using internal reserves and designated funds.
The incident followed Thursday’s theft, which Cointelegraph previously reported as the largest cryptocurrency hack on record. TRM Labs later attributed the theft to the North Korea-linked TraderTraitor hacker group.
Binance had already set out a replacement figure after the theft, saying Friday that it set aside $6.34 billion to cover losses, including $5 billion in the affected cryptocurrencies. The exchange’s statement also came alongside industry freezes: partners such as Tether and Circle froze about $3 billion in assets believed to be connected to the hack. Those frozen balances were described as separate from Binance’s own replacement of stolen tokens.
Reserves snapshots and the remaining verification hurdle
Even with Binance’s claims of replacement progress, independent verification has been a point of tension. CertiK told Cointelegraph on Friday that it needed additional information to verify Binance’s stated $5 billion in replacement cryptocurrencies.
In response, Binance published a new proof-of-reserves-related update, but it said the full cryptographic proof is still being generated. Binance’s update states that producing the complete zero-knowledge proof takes approximately 40 to 50 hours due to computational workload.
Separately, Binance said in an X update that customer balances in Bitcoin (BTC), Ether (ETH), and eight other assets were fully backed. The exchange also said the remaining shortfall involves less liquid tokens—assets it continues to buy through both market and over-the-counter transactions.
For investors and traders, the practical takeaway is that Binance’s replacement efforts appear to be progressing on schedule, but the depth of verification is still unfolding. Full cryptographic proof generation and the resolution of what exactly counts toward “full backing” across every asset category may influence how confidently counterparties and regulators evaluate the exchange’s solvency claims.
Why the withdrawal timeline matters
Binance’s plan to resume withdrawals Sunday is likely to be one of the most closely watched parts of the recovery. In prior exchange incidents, delays or uncertainty around withdrawals have often been as market-moving as the size of the theft itself, because they affect liquidity and users’ ability to manage risk.
Binance’s latest disclosure suggests the exchange is aiming to reduce that uncertainty quickly—first by replenishing a majority of the stolen assets and then by restoring standard customer flows. However, because Binance did not quantify recovery amounts or provide a funding-source-by-funding-source breakdown, users may still want to monitor subsequent reserves updates and any further proof-of-reserves milestones before drawing final conclusions.
As Binance moves from replenishment to full verification, the key watch points are whether the remaining shortfalls are fully covered across all affected assets, whether the zero-knowledge proof completes as scheduled, and how consistently future proof-of-reserves snapshots reflect the exchange’s backing position for the same set of assets.
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