Binance announced that 10 major cryptocurrencies are fully backed after the exchange reached 90% coverage of stolen assets from the October hack.
The backed tokens include BTC, ETH, XRP, and seven others. These assets are now listed as fully backed 100%. Binance achieved this milestone by replenishing stolen funds through multiple channels. The exchange's progress comes from company funds and emergency reserves. Those reserves include SAFU, futures insurance, and corporate treasury. The replenishment effort aims to protect user assets entirely.
Binance committed to covering all financial impacts. The company pledged it will absorb the stolen funds' cost, not its users. That means customer holdings remain secure. The exchange is actively sourcing less liquid tokens to close the remaining 10% shortfall. Industry partners are assisting with this effort. Binance plans to continue buying tokens through market and OTC channels.
The replenishment draws from multiple sources. Company treasury funds are first in line. Futures insurance reserves provide additional backing.
The Secure Asset Fund for Users (SAFU) supports this effort too. A partial SAFU deployment was expected within 24 hours. Binance committed to restoring SAFU to approximately $1 billion.
The fund has been converting stablecoins to bitcoin since early 2025. A $100 million bitcoin batch was reported in February. The broader conversion plan targets $1 billion in BTC holdings.
New reserve verification is underway. A midnight UTC October 31 snapshot was generated through Binance's proof-of-reserves system. That verification process takes 40 to 50 hours to complete.
Token holders are expected to verify 1:1 backing by Tuesday, November 3 UTC. Customer verification checks account inclusion in Binance's liabilities. Public blockchain records show address holdings and transfers.
Futures insurance fund tracking remains separate from customer reserves.
The proof-of-reserves system uses zero-knowledge verification. This method confirms calculations without exposing individual balances. It provides transparent reserve validation. Withdrawals are targeted to restart Sunday, November 1. Binance is preparing operational restart details. Another update will be provided once withdrawal details are confirmed. The exchange remains on track for the Sunday timeline.
Binance's initial hack findings suggest employee laptop compromise. The investigation found no evidence of leaked wallet private keys. That indicates sophisticated access rather than direct wallet theft. The compromised laptop enabled unauthorized withdrawal submissions through legitimate access points. This represents an inside threat scenario that bypassed normal security controls. The breach exploited trusted system access rather than breaking encryption directly.
The hack's scope reached $6.34 billion. That makes it one of cryptocurrency's largest security incidents. The stolen assets included major tokens across multiple blockchains. Binance's response involved immediate asset freezing and international cooperation. Multiple security firms assisted with blockchain analysis. Law enforcement agencies are investigating the theft. The incident has prompted industry-wide security reviews and enhanced protection measures.
The security breach exposed multiple vulnerabilities. Employee credential security appears compromised. System access controls need strengthening. Network monitoring capabilities require improvement. Binance has since implemented enhanced security protocols. Two-factor authentication has been strengthened across all accounts. Regular security audits are now scheduled. Customer asset protection remains the top priority moving forward.