Binance says it has now covered about 90% of the amount impacted by this week's $6.3 billion security breach, the largest crypto hack on record. The figure is up from 80% at its last update, and the exchange says none of the loss will fall on users.
"Binance will absorb the financial impact of the stolen funds, not users," a company spokesperson said in a statement Saturday, pointing to a mix of corporate treasury money, a partial deployment of its Secure Asset Fund for Users, an emergency insurance fund known as SAFU, and a portion of its futures insurance fund.
The exchange said all BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances are "fully backed 100%."
Binance co-CEO Yi He said the company has allocated $6.34 billion of its own corporate funds to the user fund. "We will continue to purchase other altcoin assets that are not yet 100% matched through market and over-the-counter (OTC) channels until the replenishment ratio for all tokens reaches 100%," she wrote. OTC trades are private deals arranged away from exchanges.
She said a new proof-of-reserves snapshot, an attestation that customer assets are backed by real holdings, was completed at 8 p.m. ET Friday and published . The full zero-knowledge proof, a cryptographic check that verifies reserves without exposing the underlying data, takes about 40 to 50 hours to generate and is expected Tuesday.
Withdrawals remain paused, but Binance says it is still on track to resume them within its previously stated timeframe. Deposits have operated normally throughout the incident.
Binance first disclosed the breach Thursday, saying attackers used a compromised employee laptop to submit unauthorized withdrawal transactions. It estimates the total impact at about $6.3 billion, says roughly $3 billion was frozen on-chain and reports no evidence of any wallet private-key leak. Law enforcement is involved in recovery. Binance covered 7,000 bitcoin stolen in a 2019 hack .
"We are focused on completing the recovery process, strengthening our safeguards, and continuing to provide users with transparent updates every step of the way," the Binance spokesperson added in the same statement on Saturday.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
This story was originally published by TheStreet on Oct 31, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
