Binance Says It Has Fully Covered the $6.34 Billion Hack With Company Funds

In a Thursday announcement, the exchange wrote that it "has completed coverage of assets impacted in the security incident" and published a new proof-of-reserves snapshot. The same message was shared on X. This coverage means Binance has replaced the affected tokens from its own books, not that it has recovered the stolen coins from the attackers.

Funding sources

The exchange said it committed more than $6.34 billion in company funds and bought the affected tokens through market and over-the-counter channels. The funding came from a partial deployment of its Secure Asset Fund for Users (SAFU), a portion of its futures insurance fund above required levels, and its corporate treasury.

Binance has also committed to replenishing SAFU to about $1 billion after that partial draw, keeping the fund fully resourced as an emergency user-protection reserve.

Expanded reserves

Binance took a new proof-of-reserves snapshot at 00:00 UTC on Nov. 12, covering 198 tokens—a sharp jump from the 10 tokens included in the Oct. 31 snapshot. The new figures are now posted on the exchange's proof-of-reserves website.

The snapshot "provides an updated view of assets that are fully accounted for," though users cannot yet verify this claim themselves. The exchange said the full zero-knowledge proof will take about 40 to 50 hours to generate due to computational workload.

Withdrawal status

Thursday's update does not reopen the platform all at once. Binance continues to reopen withdrawals in phases and will share further details once confirmed. The exchange first reopened withdrawals on Nov. 1, starting with bitcoin and then expanding to other networks.

Until the proof is ready, the 1:1 backing is Binance's statement, not something customers can confirm on their own.