Crypto exchange Binance says it has fully covered the assets affected by its recent $6.34 billion security breach, drawing entirely on its own financial resources, and has published an expanded Proof of Reserves snapshot after working to replace the assets lost in the crypto hack. In its latest recovery announcement, the company confirmed that it had reserved more than 100% of the funds required to cover the losses.

Binance reported that it had replaced approximately 98% of affected token assets as of November 4, with purchases still in progress for the remainder. Alongside the recovery effort, the exchange expanded its reserves snapshot from ten cryptocurrencies to 44, meaning users will be able to independently verify their balances once Binance generates the corresponding zero-knowledge proof. For customers holding the 34 assets added in this expansion, the update extends a form of verifiable backing coverage they did not previously have.

Binance Confirms Full Financial Coverage Following $6.34 Billion Hack

The exchange's latest statement follows the October 29 security breach, which affected approximately $6.34 billion in cryptocurrency assets. Binance temporarily suspended withdrawals while it investigated unauthorized transactions involving its wallet infrastructure, and it subsequently committed to absorbing the financial losses itself rather than passing them on to customers.

The company allocated more than $6.34 billion from its own resources to support the recovery process. Those resources included its corporate treasury, the Secure Asset Fund for Users — an emergency reserve the exchange maintains to protect customer funds in extreme situations — and part of its futures insurance fund, all of which were used to purchase replacement cryptocurrencies while the security incident remained under investigation.

Replenishment progressed in stages over the following days. By October 31, the exchange had restored approximately 90% of affected assets, with coverage increasing to 95% on November 1 and reaching 98% by November 4, although some less-liquid tokens still required replacement purchases.

The recovery process followed large customer withdrawals from the exchange after the security breach. Binance began reopening withdrawals on November 1, gradually restoring access across supported cryptocurrencies and blockchain networks. In the course of its investigation, the company reported that approximately $2.85 billion in affected assets had been frozen or intercepted, and it has continued working with law enforcement and blockchain partners to trace the stolen funds.

Binance's investigation also identified compromised employee systems as part of the attack. The exchange has since strengthened its wallet security, revoked affected credentials, and announced plans for further cybersecurity reviews. The company has issued a series of updates since the incident, documenting both the asset replenishment process and the steady expansion of its reserve attestations.

Binance Publishes Expanded Proof of Reserves Snapshot Covering 44 Tokens

Binance published its updated Proof of Reserves snapshot using customer balances recorded on November 4 at 00:00 UTC. The new assessment covers 44 cryptocurrencies, up from the 10 assets included in the previous snapshot, which comprised Bitcoin, Ethereum, BNB, XRP, Solana, USDT, USDC, USD1, RLUSD, and Zcash. The exchange confirmed that those ten assets had received full reserve backing following the initial replenishment process.

On November 2, Binance completed the zero-knowledge proof for its October 31 snapshot, allowing customers holding the ten supported assets to independently verify minimum reserve backing of 1:1 — that the exchange holds at least as much of each covered asset as it owes its customers. The expanded assessment uses Merkle trees and zk-SNARK cryptography to verify customer balances without revealing individual holdings. Users can access their verification records through Binance's website and check them with an open-source verification tool.

The company initially estimated that generating the zero-knowledge proof for the November 4 snapshot would require approximately 50 to 60 hours. Its public announcement did not confirm completion of that expanded proof, which remains separate from the publication of the snapshot itself. Completion of that proof is the outstanding step before holders of the newly covered assets can run their own verification checks.

Meanwhile, Binance continues to restore withdrawal services across additional networks, including the recent reopening of HYPE and APT withdrawals. Its November 4 announcement identified the remaining 2% of affected assets as less-liquid tokens that still require purchases through market and over-the-counter channels. The exchange has also committed to providing further updates on asset replenishment and its cybersecurity measures.