Key Highlights
- Binance is targeting Sunday, November 1, to resume withdrawals following the October 29 security incident.
- The exchange said it has replenished 90% of the affected amount, with ten major tokens, including BTC, ETH and USDT, now fully backed.
- The remaining 10% consists of less-liquid tokens that Binance is still acquiring through market and over-the-counter (OTC) channels.
Binance is targeting Sunday, November 1, to resume withdrawals following the security breach that affected approximately $6.34 billion in assets.
In its third security incident update, published on October 31, the exchange said it had replenished 90% of the affected amount using company funds and portions of its Secure Asset Fund for Users (SAFU) and Futures Insurance Fund.
The remaining 10% comprises less-liquid tokens that may take longer to acquire. Binance said it was continuing purchases through market and OTC channels while working with industry partners to complete the replenishment.
Binance says withdrawals could resume on November 1
Restoring withdrawal services is the next major milestone in Binance’s response to the incident.
In its October 31 update, the exchange said:
“Our next milestone in focus is resuming the withdrawal services for users. We remain on track to reopen withdrawals within our previously stated timeframe (on Sunday, 2026-11-01) and will provide a further update as soon as details are confirmed.”
The statement indicates that Binance is still targeting November 1 rather than confirming that withdrawals have already resumed.
The exchange has not provided an exact reopening time. Users will need to wait for its next announcement for confirmation of when withdrawal services become available again.
Binance reports 90% of affected assets replenished
Binance said it had increased the replenishment rate from approximately 80% in its previous update to 90% as of October 31.
The exchange had previously committed more than $6.34 billion to cover the financial impact of the breach. It said the latest replenishment involved three sources:
- SAFU: A partial deployment of the Secure Asset Fund for Users, with the allocation expected to take place over the following 24 hours.
- Futures Insurance Fund: A portion of the fund’s balance was reallocated, while Binance said the remaining amount stayed above its required coverage level.
- Corporate treasury: Binance also used its own company funds to replenish affected assets.
Binance said it would absorb the financial impact rather than pass the losses on to users.
The exchange is continuing to purchase the remaining affected tokens through market and OTC channels. In an earlier report, The Crypto Times covered Binance’s OTC buyback efforts and Ethena’s transfer of 128.63 million ENA tokens, worth approximately $24 million, to help restore the exchange’s ENA backing.
Ten major tokens reportedly fully backed
Binance said the following ten assets had reached 100% backing: Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, Ripple USD (RLUSD) and, Zcash (ZEC).
The exchange said the remaining 10% consists of less-liquid tokens, making it more difficult to source the required quantities quickly.
It has not identified all the outstanding tokens or provided a separate breakdown of the remaining replenishment amount by asset.
Binance publishes new proof of reserves snapshot
Alongside the replenishment update, Binance said it had taken a new Proof of Reserves (PoR) snapshot at 00:00 UTC on October 31 and updated the figures on its PoR website.
The exchange said users holding the ten fully backed tokens would be able to independently verify that their assets were backed at a minimum 1:1 ratio once the full zero-knowledge proof had been generated.
Binance estimated that generating the proof would take approximately 40 to 50 hours, with completion expected by Tuesday, November 3. Until then, the October 31 snapshot provides the latest reserve information published by the exchange, while the full zero-knowledge verification remains pending.
The latest update follows The Crypto Times’ earlier report, Binance reports 90% replenishment, updates PoR after $6.3B hack, which covered the exchange’s progress in restoring asset backing and its new reserve snapshot.
Binance says it will restore SAFU to $1 billion
Binance also addressed the use of its SAFU reserve, which was established in July 2018 to provide emergency protection for users during extreme incidents.
The exchange said it would replenish SAFU to approximately $1 billion after using a portion of the fund to support the recovery of affected assets.
It also explained that the Futures Insurance Fund was used to cover part of the shortfall. The fund is designed to help manage losses from liquidations, including deficits arising from bankrupt futures positions.
Binance said the amount reallocated came from funds above its required reserve level and that the remaining balance continued to meet its internal risk-management requirements.
The exchange said it would top up the Futures Insurance Fund from company funds if its balance fell below the required level.
Earlier reports traced the Binance hack
The latest recovery update follows several reports by The Crypto Times examining how the October 29 breach occurred and how Binance and other industry participants responded.
The October 29 breach involved an EIP-7702 authorization linked to a Binance hot wallet. An earlier Crypto Times investigation, “Binance Links EIP-7702 Authorization to $6.3B Hot Wallet Hack,” examined 50 authorization requests submitted during the attack and found that only one matched the wallet’s transaction counter.
Binance CEO Richard Teng subsequently discussed the exchange’s response, including its decision to set aside more than $6.34 billion to cover affected assets. The Crypto Times also reported that industry partners had frozen approximately $3 billion linked to the incident.
These reports provide context for the attack, the industry’s response and Binance’s ongoing efforts to restore asset backing. The latest update puts the focus on the resumption of withdrawals.
Withdrawal reopening remains the immediate milestone
Binance continues to target November 1 for restoring withdrawal services. The remaining asset replenishment and full zero-knowledge Proof of Reserves verification are still in progress.
Whether withdrawals resume as scheduled will become clearer when the exchange provides its next update.
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