Binance completes coverage of hack losses, $6.34B committed

Binance said it has completed coverage of the assets affected by the Oct. 29 hack. According to the exchange's announcement on Nov. 12, it committed more than $6.34 billion of company funds to cover the losses.

Details

The money came from three sources: a partial deployment of the SAFU fund, part of the futures insurance fund above the level required by Binance's risk-management framework, and the corporate treasury. Missing tokens were sourced through market and OTC channels. Binance says it will replenish SAFU to roughly $1 billion so it remains an emergency user-protection reserve.

It also took a new proof-of-reserves (PoR) snapshot at 00:00 UTC on Nov. 12 (7:00 PM ET on Nov. 11), covering 198 tokens, available on the PoR page. The full zero-knowledge proof should take about 40⁠–⁠50 hours because of the computational load; after that, holders of the affected tokens will be able to verify that their assets are backed at least 1:1. A very small number of tokens Binance no longer supports were also hit; they will be handled under the delisting process and holders will be covered.

Withdrawals continue to reopen in phases, with further updates promised once confirmed. On Nov. 1 Binance said it had already replaced about 95% of the stolen assets.

What it means for the market

For customers, the central question after the hack — will they be made whole — is now answered by the exchange's own statement; independent verification will come once the proof of reserves is complete. The cost sits on Binance's balance sheet and insurance funds, so how quickly SAFU is rebuilt is the next thing to watch. We follow the hack in a separate explainer and covered the first report here. For the live BTC price see the daily brief.