Binance Says 90% of Stolen Crypto Replenished as Withdrawals Return on November 1

Binance has told users that most of the crypto stolen in last week’s major hack has now been replaced, and that withdrawals are on track to reopen on Sunday, November 1. The update marks a significant turning point in one of the largest exchange security incidents in recent memory, and it will be watched closely by traders, investors and regulators who have been waiting for clarity since withdrawals were suspended. For an exchange of Binance’s size, the speed of the replenishment effort matters not only for its own customers but also for confidence across the wider digital asset market, where news of a large theft can quickly spread fear and trigger heavy selling.

The announcement comes after days of uncertainty following the hack on October 29, when roughly 6.3 to 6.4 billion dollars in crypto assets were reported stolen. Withdrawals were suspended in the aftermath as the exchange assessed the damage, secured its systems and began the process of replacing the missing funds. Binance now says that 90 percent of the stolen crypto assets have been replenished, a figure that represents a substantial recovery in a very short period. The remaining 10 percent, it says, consists of tokens outside the ten largest affected assets, which are less liquid and may take longer to acquire through market and over-the-counter channels.

Binance Crypto Recovery Reaches 90 Percent

The headline figure in the Binance crypto recovery update is the 90 percent replenishment level. That means that, in value terms, nine-tenths of what was taken has now been bought back or otherwise restored to the exchange’s holdings. For customers, the practical question has always been whether their own holdings are covered, and Binance has tried to answer that question token by token rather than with a single overall percentage. The exchange says it is buying the outstanding tokens through market purchases and over-the-counter deals, working with industry partners, until coverage reaches 100 percent across all affected tokens. That commitment matters because it sets a clear end goal, even though the timetable for the final, harder-to-buy tokens remains open.

Ten Major Tokens Now Fully Backed at 100 Percent

Binance says that Bitcoin, Ethereum, Tether’s USDT, BNB, Solana, USD Coin, XRP, USD1, RLUSD and Zcash are now fully backed at 100 percent. In practical terms, that means the exchange holds at least as much of each of those assets as it owes to customers who hold them on the platform. Those ten assets cover the bulk of what most users hold, and they include the largest cryptocurrencies by market value as well as the most widely used stablecoins. For a typical customer whose portfolio is concentrated in Bitcoin, Ethereum or a major stablecoin, that statement is the most important part of the update.

The choice of tokens is also significant for market stability. Bitcoin and Ethereum dominate trading volumes and serve as reference assets for much of the crypto market, while USDT and USDC are the main stablecoins used for trading, payments and transfers between exchanges. If backing for those assets had remained uncertain, traders would have had good reason to worry about whether withdrawals, once reopened, could be honoured in full. By confirming full backing for those ten tokens first, Binance has prioritised the assets where a shortfall would have caused the most damage. The remaining tokens, by contrast, are described as less liquid, meaning they trade in smaller volumes and can be harder to buy in large amounts without moving their prices.

How Binance Funded the Replenishment

Binance says the replenishment was funded from three sources: a partial deployment of its Secure Asset Fund for Users, known as SAFU, a portion of its Futures Insurance Fund, and its corporate treasury. The SAFU fund was created as an emergency insurance reserve, funded by a share of trading fees, to protect users in extreme situations. Using it in this case is consistent with its original purpose, although it also means the fund itself now needs to be rebuilt. Binance has committed to replenishing SAFU back to around 1 billion dollars, a target that signals it intends to restore its safety buffer rather than leave it depleted after the incident.

Binance Proof of Reserves Timeline Explained

Alongside the replenishment figures, Binance has set out a timetable for proving its backing claims. A fresh Proof of Reserves snapshot was taken at 00:00 UTC on October 31, and the figures have been updated on its Proof of Reserves website. The full zero-knowledge proof, which allows users to verify backing without the exchange revealing sensitive individual account details, is expected to take 40 to 50 hours to generate, with verification available by November 3. Users holding the ten fully covered tokens will then be able to verify minimum one-to-one backing once that proof is generated.

Proof of Reserves has become a standard transparency tool since earlier exchange failures, but it is often misunderstood. A snapshot shows holdings at a single moment in time, and it is most useful when combined with liabilities data showing what the exchange owes to customers. The zero-knowledge approach is designed to let users check that their own balance is included in the total without exposing other customers’ information. The 40 to 50 hour generation time reflects the computational work involved in producing that proof across millions of accounts. Until November 3, users are therefore being asked to trust the exchange’s summary figures, with independent verification to follow. That gap is worth noting honestly, even as the direction of travel is clearly positive.

Binance Withdrawals Resume on November 1

The most immediately practical part of the update is the timetable for withdrawals. Binance says withdrawals are on track to reopen on Sunday, November 1, within the previously announced timeframe. For customers who have been unable to move their funds since the suspension, that date matters more than any percentage figure. Reopening withdrawals is also a test in itself: if large numbers of users withdraw at once, the exchange’s liquidity and operational systems will be put under real pressure. A smooth reopening would do more for confidence than any statement, while delays or partial restrictions would quickly raise fresh questions.

Users planning to withdraw should still exercise normal caution. It is sensible to check that withdrawal addresses are correct, to use small test transfers for large amounts where possible, and to be alert to phishing messages that often surge after high-profile exchange incidents. Scammers frequently impersonate exchanges during recovery periods, offering fake support links or urgent withdrawal instructions. Binance’s own announcements should be treated as the authoritative source, and users should avoid clicking links in unsolicited messages. The reopening itself, if it proceeds as planned, will be the clearest signal yet that the exchange considers its immediate recovery phase complete.

What Still Remains: The Final 10 Percent

The remaining 10 percent of stolen assets deserves careful attention, even though it is smaller than the amount already replaced. Binance says this portion comprises tokens outside the ten fully backed assets, and that those tokens are less liquid and may take longer to acquire. Less liquid tokens can be difficult to buy in size because daily trading volumes are thinner, order books are shallower, and large purchases can push prices sharply higher. Buying through over-the-counter channels with industry partners can help, because such deals can be negotiated privately and settled in blocks, but they still take time to arrange and execute.

For holders of those smaller tokens, the key question is not whether Binance intends to complete the replenishment, but how long full coverage will take and whether interim arrangements protect them in the meantime. Binance has said it will continue buying until coverage reaches 100 percent across all affected tokens, which is an unambiguous commitment. What it has not yet provided is a date for completing that final portion. Users affected by this tail should therefore follow the exchange’s further updates closely, and should not assume that the November 1 withdrawal reopening automatically means every token is fully restored. The distinction between the fully backed ten and the remaining tokens is the most important nuance in the whole announcement.

Why This Recovery Matters for the Wider Market

The Binance crypto recovery also matters beyond Binance’s own customer base. Large exchange hacks have historically triggered sharp market sell-offs, as traders fear contagion, forced selling or a loss of confidence in centralised platforms. A rapid and substantial replenishment, backed by published reserve figures and a clear withdrawal timetable, can limit that damage. It shows that the exchange had reserves and treasury capacity to absorb a very large loss, and it gives other market participants a reason to treat the incident as contained rather than systemic. That does not erase the security failure itself, which remains serious and will rightly face scrutiny, but it does change the market narrative from open-ended uncertainty to a measurable recovery process.

FAQ

When will Binance withdrawals resume?

Binance says withdrawals are on track to reopen on Sunday, November 1, within the previously announced timeframe, following the suspension imposed after the October 29 hack.

Which tokens are fully backed after the Binance crypto recovery?

Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash are now fully backed at 100 percent, according to Binance.

What about the remaining 10 percent of stolen assets?

The remaining 10 percent comprises tokens outside those ten assets, which are less liquid and may take longer to acquire. Binance says it will keep buying through market and over-the-counter channels until coverage reaches 100 percent across all affected tokens.

How was the replenishment funded?

Binance funded the recovery through a partial deployment of the SAFU fund, a portion of the Futures Insurance Fund, and its corporate treasury, and it has committed to replenishing SAFU back to around 1 billion dollars.

When can users verify the Proof of Reserves?

A snapshot was taken at 00:00 UTC on October 31, with figures updated on the Proof of Reserves website. The full zero-knowledge proof is expected to take 40 to 50 hours, with verification available by November 3.

Source: BusinessToday

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