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Binance Says Replacement Coverage Reaches 90% After Theft

lite News Desk 2 min read

Binance said replacement assets covered 90% of the cryptocurrency affected by its theft, according to an October 31, 2026, update, compared with approximately 80% previously. The figure measures replenishment rather than the recovery of stolen funds. According to Cointelegraph, Binance had not put a number on how much of the original cryptocurrency it had recovered.

The company said coverage had reached 100% for bitcoin, ether, BNB, SOL, XRP, ZEC, USDT, USDC, USD1 and RLUSD. Tokens outside those ten accounted for the outstanding 10%. Binance said these assets had lower liquidity and that obtaining enough of them could take longer. Purchases through markets and over-the-counter transactions were continuing, alongside work with industry partners to complete coverage.

For holders of those ten tokens, Binance said a forthcoming zero-knowledge proof would allow checks that backing amounted to at least 1:1. The company said its Proof of Reserves snapshot was taken on October 31 at 00:00 UTC and its reserves page had been updated. It estimated 40 to 50 hours to generate the complete proof, with availability expected by November 3, 2026.

Binance’s account of the theft, published on October 30, put the loss at about $6.3 billion in tokens from compromised hot wallets. It placed the incident at roughly 20:05 UTC on October 29. In that earlier update, the company said more than $6.34 billion of its own funds had been earmarked, including $5 billion denominated in the affected tokens. It described that token amount as covering approximately 80% of the assets involved.

For replenishment, Binance said funding sources included its treasury, a portion of its Futures insurance fund and part of the Secure Asset Fund for Users, or SAFU. Its October 31 update anticipated deploying the SAFU portion within the next 24 hours. The update did not give separate contribution amounts for the three sources.

According to Binance, SAFU dates to 2018 and serves as an emergency reserve for protecting users’ assets in circumstances such as security breaches. The company said it planned to bring the reserve back to approximately $1 billion after drawing on part of it.

Binance said its Futures insurance funds help address shortfalls associated with bankrupt trading positions and limit counterparty liquidations. In describing the reallocation, the company said it had transferred only the amount exceeding its required level. It stated that the balance left in the fund remained above the threshold set by its own risk-management rules.

* This article is based on publicly available information at the time of writing.

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