Binance Commits $6.34 Billion to Cover Customer Losses From Oct. 29 Hack

Binance says it has fully covered customer assets lost in the Oct. 29 theft, committing more than $6.34 billion in company funds to restore balances. Withdrawals are resuming in stages, according to the exchange's announcement.

The disclosure, published by Binance without an external audit attached, caps a two-week recovery effort following one of the largest exchange breaches on record. The company did not state how much in stolen assets has been recovered, leaving the $6.34 billion figure as a gross coverage commitment rather than a net loss calculation.

How did Binance fund the $6.34 billion?

The exchange drew on three internal sources. It took a partial draw from its Secure Asset Fund for Users (SAFU), the industry-funded insurance reserve it has maintained since 2018. It also used futures insurance funds above the minimum its risk framework requires, plus corporate treasury capital.

Binance has committed to replenish SAFU to roughly $1 billion. A small number of delisted tokens were also affected in the breach; holders of those assets will be covered through Binance's delisting process rather than the main restoration effort.

The structure of the funding matters operationally. Using futures insurance above the risk-framework minimum leaves the exchange's core derivatives backstop intact while shifting the residual burden to treasury funds — a balance-sheet decision that reduces the coverage's dependence on any single reserve.

What can customers verify right now?

Not much, yet. Binance's latest proof-of-reserves snapshot spans 198 tokens and was recorded at 7 p.m. ET on Nov. 11 (00:00 UTC on Nov. 12). The previous snapshot, dated Oct. 31, covered only 10 tokens — an 18.8-fold expansion in coverage scope within twelve days.

Independent verification is not yet possible. Binance says its zero-knowledge proof will take 40 to 50 hours to generate. Once complete, holders of affected tokens can confirm whether their balances are backed at least 1:1 on-chain.

That gap leaves a verification window of roughly two days in which customers must rely on the exchange's own figures. The ZK proof, when published, will be the first independently checkable record of post-hack solvency across the expanded token set.

What happens to withdrawals?

Withdrawals are reopening in phases, Binance said, with further details to follow once each stage is confirmed. The company did not publish a timeline for full restoration of withdrawal services across all 198 tokens.

The announcement also leaves two questions open. It gives no total for recovered stolen assets, and it does not specify the split of the $6.34 billion across SAFU, futures insurance and treasury funds.

The next hard milestone for customers is the publication of the zero-knowledge proof, expected within roughly 50 hours of the Nov. 11 snapshot. Until then, the coverage claim rests on Binance's own accounting, and the phased withdrawal schedule remains the only observable test of the exchange's operational recovery.