Secure

insurance

Billion

<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li style="font-weight: 400">Binance says it has fully covered assets affected by the $6.34 billion hack using its own financial resources.</li>
 <li style="font-weight: 400">Binance’s November 4 update said 98% of affected tokens had been replenished, with purchases still in progress.</li>
 <li style="font-weight: 400">The new Binance Proof of Reserves snapshot covers 44 cryptocurrencies, up from ten in the previous assessment.</li>
 <li style="font-weight: 400">Binance says users can verify at least a 1:1 asset backing once the updated zero-knowledge proof is generated.</li>
</ul>
Crypto exchange Binance says it has fully covered assets affected by its recent $6.34 billion security breach. The exchange has also published an expanded Proof of Reserves snapshot, following its efforts to replace <a href="https://blockonomi.com/binance-hack-exchange-replaces-90-of-stolen-6-3b-in-crypto/" rel="noopener noreferrer nofollow">assets lost in the crypto hack</a>. In its latest<a href="https://www.binance.com/en-GB/support/announcement/security-incident-recovery-update-7-98-of-stolen-assets-replenished-and-new-por-snapshot-with-expanded-coverage-2026-11-04-c6ba9aa726974fc6b9332a2c8f63b405" rel="noopener noreferrer nofollow">recovery announcement</a>, Binance confirmed that it had reserved more than 100% of the funds required to cover the losses.
The company reported replacing approximately 98% of affected token assets as of November 4. Meanwhile, the exchange expanded its reserves snapshot from ten cryptocurrencies to 44. Users can independently verify their balances once Binance generates the corresponding zero-knowledge proof.
<h2 id="b-binance-confirms-full-financial-coverage-following-6-34-billion-hack-b">Binance Confirms Full Financial Coverage Following $6.34 Billion Hack</h2>
Binance’s latest statement follows the October 29 security breach, which affected approximately $6.34 billion in cryptocurrency assets. The exchange temporarily suspended withdrawals while investigating unauthorized transactions involving its wallet infrastructure. The company subsequently committed to absorbing the financial losses rather than passing them to customers.
<a href="https://moneycheck.com/binance-review/" rel="noopener noreferrer nofollow">Binance</a> allocated more than $6.34 billion from its own resources to support the recovery process. These resources included its corporate treasury, the Secure Asset Fund for Users, and part of its futures insurance fund. The exchange used these funds to purchase replacement cryptocurrencies while investigating the security incident.
By October 31, Binance had replenished approximately 90% of affected assets, with coverage increasing to 95% on November 1. Its November 4 update placed the figure at 98%, although some less-liquid tokens still required replacement purchases. The recovery followed large customer withdrawals after the security breach.
<a href="https://blockonomi.com/binance-withdrawals-hit-4-65b-as-net-outflows-reach-3-64b-after-hack/" rel="noopener noreferrer nofollow">Binance began reopening</a> withdrawals on November 1, gradually restoring access across supported cryptocurrencies and blockchain networks. Meanwhile, Binance reported that approximately $2.85 billion in affected assets had been frozen or intercepted during its investigation.
The company 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 subsequently strengthened wallet security, revoked affected credentials, and announced plans for further cybersecurity reviews.
<h2 id="b-binance-publishes-expanded-proof-of-reserves-snapshot-covering-44-tokens-b">Binance Publishes Expanded Proof of Reserves Snapshot Covering 44 Tokens</h2>
Binance published its updated<a href="https://www.binance.com/en/proof-of-reserves" rel="noopener noreferrer nofollow">Proof of Reserves snapshot</a> using balances recorded on November 4 at 00:00 UTC. The assessment covers 44 cryptocurrencies, compared with the 10 assets in its previous snapshot. The <a href="https://parameter.io/binance-expands-withdrawal-access-across-ethereum-solana-and-xrp-networks-following-6-3b-hack/" rel="noopener noreferrer nofollow">earlier assessment included Bitcoin</a>, Ethereum, BNB, XRP, Solana, USDT, USDC, USD1, RLUSD, and Zcash. Binance confirmed that those ten assets had received full reserve backing following the initial replenishment process.
On November 2, the exchange completed the zero-knowledge proof for its October 31 snapshot. This allowed customers holding the ten supported assets to independently verify minimum reserve backing of 1:1. The expanded assessment uses Merkle trees and zk-SNARK cryptography to verify customer balances without revealing individual holdings.
Binance explained that users can access their verification records through its website and use an open-source verification tool. The company initially estimated that generating the November 4 proof 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.
Meanwhile, Binance continues restoring withdrawal services across additional networks, following the<a href="https://coincentral.com/binance-reopens-hype-apt-withdrawals-as-bitcoin-reserves-drop-by-4-2-billion/" rel="noopener noreferrer nofollow">reopening of HYPE and APT withdrawals</a>. The exchange has also committed to further updates on asset replenishment and cybersecurity measures. Its November 4 announcement identified the remaining 2% as less-liquid tokens requiring purchases through market and over-the-counter channels.
The post <a href="https://blockonomi.com/crypto-exchange-binance-confirms-6-34b-hack-losses-fully-covered-publishes-new-reserves/" rel="noopener noreferrer nofollow">Crypto Exchange Binance Confirms $6.34B Hack Losses Fully Covered, Publishes New Reserves</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Crypto Exchange Binance Confirms $6.34B Hack Losses Fully Covered, Publishes New Reserves

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