Binance Replenishes 90% Of $6.3 Billion Hack Losses As Recovery Continues

Bitcoin traded near $78,000 on November 1 as Binance reported replenishing 90% of the cryptocurrency assets stolen in a $6.3 billion security breach. The exchange has allocated more than $6.34 billion to cover the losses and fully backed ten major tokens. Meanwhile, Binance continues purchasing the remaining assets and expects to restore withdrawals within its previously announced timeframe.

Binance Raises Asset Replenishment To 90%

Binance increased its recovery rate from approximately 80% to 90% after purchasing replacement tokens through market and over-the-counter channels. The exchange announced the progress on October 31, following unauthorized withdrawals from its hot wallets. The incident occurred on October 29 and prompted Binance to suspend withdrawals while investigating the breach.

The exchange has committed more than $6.34 billion to cover the stolen assets and protect customer balances. It has combined funds from its Secure Asset Fund for Users (SAFU), Futures insurance fund, and corporate treasury. Binance has also worked with law enforcement agencies and blockchain partners to investigate the incident and trace stolen funds.

According to Binance, industry partners have helped freeze approximately $3 billion in affected assets. However, freezing assets does not necessarily mean the exchange has recovered or replenished every stolen token. Binance continues purchasing replacement assets while strengthening security controls across the affected infrastructure.

Bitcoin Receives Full Reserve Backing

Bitcoin is among the ten cryptocurrencies that Binance says now have 100% reserve backing following the incident. The exchange transferred 7,499 BTC from its SAFU reserve as part of its recovery efforts. This deployment forms part of a broader strategy to replace stolen assets and maintain customer balances.

The exchange has also taken a fresh proof-of-reserves snapshot to document its asset holdings. Binance expects the complete cryptographic proof to become available on November 3, allowing eligible users to verify their holdings. The verification process will help customers assess whether Binance holds sufficient reserves to cover their balances.

Bitcoin's inclusion in the fully backed group marks a key step in Binance's recovery plan. However, reserve backing does not mean investigators have recovered every bitcoin stolen during the attack. The exchange must still complete its wider replenishment process before it reaches its stated 100% target.

Ethereum Joins The Fully Backed Assets

Ethereum is also among the tokens that Binance has fully backed following the security breach. The exchange plans to maintain sufficient reserves while it continues purchasing assets affected by the incident. This approach separates customer asset coverage from the ongoing investigation into the stolen funds.

Binance's recovery strategy also addresses the potential movement of stolen cryptocurrencies across blockchain networks. Investigators and blockchain intelligence firms can trace transactions, identify suspicious addresses, and help authorities freeze eligible assets. However, these efforts do not guarantee that every stolen token will return to the exchange.

The exchange has not announced that all stolen Ethereum has been recovered. Instead, its 100% backing statement concerns the reserves supporting customer holdings. Binance will continue its recovery work alongside the process of replenishing the remaining affected tokens.

XRP Returns To Full Reserve Coverage

XRP is among the assets Binance has listed as fully backed following the replenishment update. The exchange intends to maintain sufficient reserves for customer balances while purchasing the outstanding tokens. This process supports its commitment to absorb the financial impact of the breach.

The remaining shortfall mainly involves tokens outside Binance's ten fully backed assets. These tokens have lower liquidity, making it harder to acquire large quantities without delays. Binance plans to use market purchases, OTC transactions, and industry partnerships to complete the remaining acquisitions.

XRP's full backing therefore represents progress in customer asset coverage rather than proof of complete theft recovery. The exchange must still source the remaining tokens before it can declare full replenishment. Binance has pledged to provide additional updates as the process advances.

BNB Receives Full Backing

Binance Coin (BNB), the exchange's native cryptocurrency, also appears on the list of fully backed tokens. The exchange included BNB alongside Bitcoin, Ethereum, and other major assets in its latest reserve update. This means Binance reports sufficient reserves to cover customer holdings in the listed token.

The company has used several funding sources to address the losses instead of relying on one reserve alone. These sources include SAFU, part of the Futures insurance fund, and corporate treasury assets. Binance must retain the remaining Futures insurance balance in line with regulatory requirements.

The replenishment plan aims to prevent customers from bearing the financial impact of the breach. However, Binance still faces the task of acquiring less-liquid tokens and completing its security review. The exchange has not declared the entire recovery process complete.

Zcash Joins The Fully Backed Group

Zcash (ZEC) is another cryptocurrency Binance has confirmed as fully backed after the latest replenishment. Its inclusion means the exchange reports reserves covering customer balances in ZEC. Binance has grouped it with nine other assets in its updated reserve disclosure.

The remaining 10% of affected assets consists mainly of tokens outside the ten fully backed cryptocurrencies. Binance says their lower liquidity may extend the time required to acquire sufficient quantities. The exchange is working with industry partners to source these tokens through market and OTC channels.

Binance expects to continue purchasing the outstanding assets until it reaches full coverage across all affected tokens. The company has reiterated that it will absorb the financial impact rather than pass the losses to customers. Further updates will clarify when the exchange completes the remaining acquisitions.

Binance Targets Withdrawal Resumption On November 1

Restoring withdrawals remains Binance's immediate operational priority after the security breach. The exchange has said it remains on track to resume the service on November 1. However, it has not confirmed the exact reopening time in its latest update.

Binance suspended withdrawals after attackers compromised its hot-wallet infrastructure and made unauthorized transactions. The company has revoked affected authorizations, introduced additional security controls, and continued reviewing the compromised systems. Deposits and unaffected services have continued operating during the response.

The exchange also plans to publish further reserve information as the verification process progresses. Users will be able to check the backing of the ten listed tokens once Binance completes its cryptographic proof. Meanwhile, the company must finish replenishing the remaining assets and complete the necessary security checks before its recovery efforts conclude.

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