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

Bitcoin Magazine

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

Binance said Thursday it has completed coverage of the $6.34 billion Oct. 29 hack from company funds, two weeks after the largest crypto theft on record, even as withdrawals continue to reopen in phases.

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. It repeated the same message on X.

That wording matters. Coverage means Binance has replaced the affected tokens from its own books, not that it has recovered the stolen coins from the attackers. 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, drawing on a partial deployment of its Secure Asset Fund for Users (SAFU), a portion of its futures insurance fund above the level required under its risk-management framework, and its corporate treasury.

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

A very small number of tokens the exchange no longer lists were also affected. Binance said those holdings will be handled under its delisting process and that users who hold them will be covered.

A wider proof-of-reserves snapshot, but no independent check yet

Binance took a new proof-of-reserves snapshot at 00:00 UTC on Nov. 12, or 7 p.m. Eastern on Wednesday, covering 198 tokens. That is a sharp jump from the 10 tokens included in the Oct. 31 snapshot published in the days after the breach. The new figures are now posted on the exchange’s proof-of-reserves website.

The snapshot, Binance said, “provides an updated view of assets that are fully accounted for.” Users cannot yet check that claim themselves. The exchange said the full zero-knowledge proof will take about 40 to 50 hours to generate because of the computational workload. After that, users holding the affected tokens “will be able to independently verify that their assets are backed at a minimum of 1:1.”

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