Binance Says It Has Covered $6.3B in Hack Losses as New Proof of Reserves Awaits

TL;DR:

• Binance has announced the full coverage of the assets affected by the security incident recorded on October 29, which amounted to $6.3 billion.
• The replenishment of funds was executed using corporate resources, futures insurance funds, and the Secure Asset Fund for Users (SAFU).
• The platform has published a proof of reserves snapshot expanded to 198 digital assets, pending the completion of the zero-knowledge proof calculation.

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The crypto ecosystem witnessed a new milestone in transparency and institutional response following the hack on the exchange. Binance reported this Thursday that it completed the coverage of all user assets impacted by the October 29 security breach, an event that amounted to approximately $6.3 billion.

Binance has completed coverage of assets impacted in the security incident and we have published a new Proof of Reserves snapshot. Once the zero-knowledge proof is generated, users can independently verify that their assets are backed at a minimum of 1:1 -…

— Binance (@binance) November 12, 2026

The exchange’s official statement and industry reports indicate that the replenishment of funds was channeled through a combination of corporate balance sheet resources, insurance reserves for futures contracts, and the Secure Asset Fund for Users (SAFU). The exchange’s management noted that the acquisition of the missing crypto assets was carried out progressively on the open market, prioritizing platform stability and the protection of user balances.

Technical Details of the Snapshot and Asset Expansion

Technical data revealed by the exchange details that the new proof of reserves snapshot was taken at 00:00 UTC, significantly expanding the scope of the internal audit by incorporating 198 digital assets, compared to the ten main tokens included in the initial post-attack report.

Platform data indicates that the verification architecture uses Merkle trees and zero-knowledge cryptography (zk-SNARKs) to allow users to independently verify that their net balances are backed at a minimum 1:1 ratio without compromising individual privacy.

However, market sources point out that these types of snapshots operate with a different methodological scope than a comprehensive accounting audit. According to analyses released by specialized firms and financial regulators, reserve snapshots reflect the situation at a specific block on the chain, but do not replace a thorough review of institutional liabilities nor exempt them from the limitations inherent to current compliance standards.

Operational Impact and Next Steps in Verification

Following the phased reopening of withdrawal functions in early November, capital flows on the platform experienced notable yet orderly movements. Data published by external analysts indicates that initial net outflows represented a minor percentage of the total volume of custodied assets, while the price of the native token BNB maintained relative stability against general fluctuations in the cryptocurrency market.

The attention of the technical community and market analysts is now focused on the completion of the computational calculation for the zero-knowledge proof associated with the latest snapshot. According to technical estimates provided by the company, the cryptographic generation process requires an operational window of between 40 and 50 hours due to the volume of data processed, after which the more than 300 million registered users will be able to independently audit the integrity of the funds backed across the exchange’s global infrastructure.