Binance Covers $6.34 Billion Hack Losses, Proof of Reserves Check Pending

Overview

• Binance said on Nov. 12 that it has replaced about $6.34 billion taken in the Oct. 29 hack by drawing on SAFU, portions of its futures insurance reserve above risk thresholds, and its corporate treasury.
• The exchange posted a proof‑of‑reserves snapshot covering 198 tokens on Nov. 12 and said the accompanying zero‑knowledge proof to let customers independently confirm 1:1 backing will take roughly 40–50 hours to generate.
• Binance’s use of the word 'coverage' means it bought replacement tokens on spot and over‑the‑counter markets to restore user balances rather than recovering stolen coins from attacker wallets.
• Investigations by Binance, the FBI and blockchain‑analysis firms link the intrusion to a DPRK‑connected unit that used fake recruitment, poisoned developer tooling and on‑chain delegation abuse to compromise engineers’ devices and drain hot wallets on Oct. 29.
• Law enforcement and stablecoin issuers have traced and frozen roughly $2.7–3.1 billion so far, but substantial sums remain in theft‑linked addresses and phased withdrawals plus cross‑chain laundering continue to complicate full recovery and customer access.