Binance Says It Has Covered $6.34 Billion Hack

Overview

• Binance announced Thursday that it has completed coverage of assets lost in the Oct. 29 hot‑wallet breach and published an updated proof‑of‑reserves snapshot.
• The exchange said it used more than $6.34 billion of company funds to buy replacement tokens, drawing on SAFU, part of its futures insurance reserve, and its corporate treasury.
• Binance has not disclosed how much of the stolen coins were actually recovered from attacker addresses, and its coverage reflects on‑book replacement rather than proven retrieval.
• Withdrawals are being reopened in phases and customers pulled large sums when access briefly returned, producing multi‑billion‑dollar net outflows that highlight ongoing liquidity and operational strain.
• The zero‑knowledge proof needed for independent customer verification is still pending, and industry auditors and regulators note that PoR snapshots do not replace full financial audits or prove internal controls.