Binance says it has replenished approximately 98% of the assets stolen in the $6.34 billion hack that targeted the exchange, according to an official announcement. The remaining funds are being bought back through both the open market and the company's over-the-counter (OTC) channel — transactions negotiated directly with counterparties rather than executed on the public order book.

Alongside the recovery effort, the exchange has sharply expanded the coverage of its Proof of Reserves, growing its latest snapshot from 10 tokens to 44 in a move intended to give users greater transparency into the state of its holdings following the security breach.

Binance Replenishes 98% of Impacted Assets

In its latest recovery update, Binance said approximately 98% of the affected amount has now been replenished, up from the 95% level disclosed in an earlier update. The company stated that it has allocated a surplus of more than 100% of its resources toward covering the losses, and claims that users will not be financially affected by the incident.

The remaining 2% is more difficult to replace because those tokens are less liquid — in thinner markets, large orders can move prices, making sizable acquisitions harder to complete quickly. Binance said it will continue purchasing the assets from the public market and OTC platforms. Some affected balances will be restored, but completion may take longer as the replenishment effort has now entered what the exchange describes as the last mile.

Recovery Moves Beyond the Largest Tokens

The more liquid assets were all accounted for in the earlier 95% milestone announcement. The remaining 2% consists largely of tokens that sit outside the top five crypto assets by market capitalization, and conducting large trades in these assets may require more effort, according to the exchange.

The exchange is also gradually reinstating withdrawal services as it continues to tighten security measures across its platform.

Proof of Reserves Expands From 10 to 44 Tokens

Binance took a fresh Proof of Reserves snapshot on Nov. 4 at 00:00 UTC. The new snapshot includes 44 tokens, compared with only 10 in the previous reserve check published after the incident — a more than fourfold increase in the number of covered assets.

Binance's Proof of Reserves system references a Merkle Tree structure and uses zk-SNARK technology, enabling users to confirm that they held a balance in the reserve snapshot without revealing specific account balances. Generating the new snapshot with the full zero-knowledge proof (ZKP) mechanism is computationally demanding, with the process taking roughly 50 to 60 hours to complete.

Once the verification is complete, all users holding any of the 44 supported tokens will be able to independently verify that their funds were backed at a ratio of at least 1:1 at the time of the snapshot. Because such reports capture a single point in time, the figures describe the reserves as they stood on Nov. 4 rather than providing a continuously updated view.

Binance Pushes Transparency After the Hack

The expanded snapshot provides wider coverage of Binance's reserves for the period surrounding the security incident. While proof of reserves is not enough to ensure that an exchange is free from security events, it does establish a cryptographic assurance that funds in covered accounts are matched by equal balances in reserve assets. This form of attestation gained widespread adoption across major exchanges after the 2022 collapse of FTX, which exposed the risks of custodial balances that users could not independently verify.

Binance said it will keep acquiring the remaining tokens, restore additional withdrawal services, and publish further recovery updates as the process continues. For users, the completion of the final 2% and the pace of restored withdrawal services are the observable markers of how the recovery progresses.