Binance reported major progress in its recovery efforts following the October 29 historic hot wallet breach.
The crypto exchange said that its hack recovery has reached about 98% of affected users’ asset value following the $6.3 billion hack. The exchange is also reopening withdrawals for 62 tokens and expanding its zero-knowledge Proof-of-Reserves (PoR) coverage.
Binance Restores Withdrawals for 62 Tokens
Cryptocurrency exchange Binance published its eighth recovery update on November 5, confirming that it has successfully replenished approximately 98% of the user asset value affected by the October 29 hack.
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The exchange also noted that it will gradually restore withdrawals for 69 network-asset pairs covering 62 tokens across six blockchains starting at 04:00 UTC on November 5.
Ethereum accounts for 36 assets, followed by BNB Chain (24), Base (4), TRON (3), Polygon (1), and Sui (1).
Binance said it prioritized assets based on user demand over the past week, with each withdrawal pair subject to security and readiness checks. It also warned that some tokens may not be immediately available, and high traffic could cause processing delays.
Why the Final 2% Replenishment Will Take Extra Time
Binance’s reported replenishment progress advanced from 90% on October 31 to 95% on November 1, reaching 98% in the November 4 report.
The exchange said it would cover all losses using corporate funds, including its Secure Asset Fund for Users (SAFU), Futures Insurance Fund and corporate treasury reserves, with no losses passed on to retail customers.
The remaining 2% consists of less liquid tokens that Binance is sourcing through open markets and over-the-counter (OTC) deals. The exchange said acquiring them could take longer due to limited liquidity, making large purchases more likely to cause price slippage and volatility.
Zero-Knowledge PoR Expands to 44 Tokens
Binance also expanded its Proof of Reserves coverage from 10 to 44 tokens, introducing zero-knowledge verification, which allows users to confirm their balances are backed at least 1:1.
The exchange said generating the cryptographic proofs would take an estimated 50 to 60 hours. Once complete, holders of the covered assets will be able to verify that Binance holds reserves equal to at least 100% of its customer liabilities.
$2.65B Frozen & TraderTraitor Linked
Initial reports and blockchain analytics firms estimated that attackers stole about $6.3 billion in digital assets across 10 blockchains during an attack that lasted roughly 20 minutes.
Tether, Circle and other major stablecoin issuers froze an estimated $2.65 billion to $3 billion in stolen assets, or about 42% of the total funds drained, according to compliance and analytics reports. The remaining assets, including 18,270 BTC and more than 420,000 ETH, remain largely untouched in identified hacker wallets.
Findings released by the FBI attributed the breach to TraderTraitor, a hacking group linked to North Korea.
Why This Matters
Binance’s replenishment and expanded PoR address the key question after a major exchange breach: whether user funds are fully backed. The outcome could influence how other exchanges approach reserve transparency.
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