Key Notes
- Binance says replacement coverage has reached 90%, with ten major tokens fully backed while less-liquid assets are still being purchased.
- The funding plan combines company treasury assets, futures insurance reserves and a planned partial SAFU deployment, rather than recovery of 90% from attackers.
- Withdrawals remain targeted for Sunday, November 1, while the full cryptographic reserve proof is now expected by Tuesday, November 3.
Binance says it has replenished 90% of the assets affected by its roughly $6.3 billion hack, while maintaining a target to reopen customer withdrawals on Sunday, November 1. The exchange said ten major cryptocurrencies are fully backed, with purchases continuing to replace less-liquid tokens.
The October 31 update moves the recovery effort beyond Friday’s funding pledge, but it does not mean investigators have retrieved 90% of the stolen cryptocurrency. Binance is replacing the affected assets using company resources, including emergency reserves and part of its futures insurance fund.
A new reserve snapshot has also been taken, according to the exchange. The full cryptographic proof is now expected by Tuesday, November 3, later than the Monday deadline discussed in Richard Teng’s previous address.
Ten Major Tokens Are Fully Backed
In its latest security update, Binance said backing for the affected assets had increased from approximately 80% to 90%. It identified BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC as fully backed at 100%.
The remaining shortfall concerns tokens outside that group. Those assets have less market liquidity, making it harder to acquire the required quantities without relying on additional counterparties and time.
Binance said it is working with industry partners and buying through both public markets and over-the-counter channels. The statement did not provide a token-by-token schedule for completing the outstanding purchases.
The exchange reiterated that it would absorb the financial impact itself. Its coverage figures remain company statements, with the supporting full reserve proof still pending.
Emergency Reserves Join the Funding Plan
Binance identified three sources for replenishment: its corporate treasury, part of its Futures Insurance Funds and a partial deployment of the Secure Asset Fund for Users, known as SAFU.
SAFU was established in July 2018 as an emergency reserve for events including security breaches. The new statement says partial deployment is expected within 24 hours of the October 31 announcement, rather than declaring that every planned transfer has already occurred.
The company also committed to rebuilding SAFU to approximately $1 billion. It did not disclose the exact amount being drawn from the fund or give a complete breakdown of contributions from each funding source.
For customers, that distinction separates the resources Binance has earmarked from tokens it already holds and transfers it still plans to make. A funding commitment can support replacement purchases without establishing that the entire process is finished.
CoinScreamer’s latest report also examines the replenishment plan and the separate timetables for withdrawals and public reserve verification.
Futures Insurance Remains a Separate Reserve
The use of futures insurance reserves adds another dimension to the recovery. These funds are intended to absorb losses from bankrupt trading positions and reduce forced position reductions for profitable counterparties through auto-deleveraging.
Binance said the reallocated amount came from reserves above the coverage level required under its risk-management framework. It described the funds as company reserves, separate from customer assets, and said the remaining balance stays above the required level.
The exchange said it monitors that level against historical stress scenarios and tops up the funds from company resources when necessary. It also acknowledged that extreme volatility means no exchange can eliminate auto-deleveraging entirely.
The fund balances are published separately from customer Proof of Reserves. The two disclosures serve different purposes: one concerns a derivatives-market safety net, while the other addresses the backing of account balances.
Full Reserve Proof Is Now Expected Tuesday
Binance said it took a new Proof of Reserves snapshot at 00:00 UTC on October 31 and updated its reserves page. A snapshot records balances at a particular moment; the cryptographic files needed for user verification are a further step.
The company estimates that generating the full zero-knowledge proof requires approximately 40–50 hours of computation. Its stated availability target is Tuesday, November 3, in UTC. Once generated, it says holders of the ten listed tokens will be able to verify backing of at least one-to-one.
That target is later than the Monday, November 2 deadline in Teng’s Friday update, which we previously reported. The new statement does not explain the change beyond describing the computational workload.
Completion of a reserve proof would also differ from a full independent financial audit. It is designed to let users check the inclusion and backing of covered balances, rather than answer every question about the exchange’s finances or security controls.
Sunday Withdrawals Remain the Next Test
Binance said it remains on track to restore withdrawals on Sunday, November 1, and will confirm further details separately. Saturday’s statement supplied no exact restart hour and did not announce that withdrawals had reopened.
As we previously explained, replacing assets, restoring services and recovering cryptocurrency from attackers are distinct parts of the response. Progress on one does not automatically complete the others.
The immediate checkpoints are whether the exchange confirms and executes the withdrawal restart, completes purchases of the remaining tokens, and publishes the promised reserve-verification files. Saturday’s update reports progress on backing while leaving those operational milestones ahead.
