Binance reopens withdrawals; 98% of stolen assets replaced

Binance has published a series of recovery updates since the 29 October hack. The latest, on 6 November 2026, reopened withdrawals for more assets from 04:00 UTC (Binance, Recovery Update #9). Deposits stayed open throughout.

How the recovery has gone

• 31 October: about 90% of the stolen amount replaced. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances fully backed, and a new proof-of-reserves snapshot taken (Recovery Update #3).
• 1 November: phase one of withdrawals, from between 06:00 and 09:00 UTC, on 15 networks including Bitcoin, Ethereum, BNB Smart Chain, Solana and Tron (Recovery Update #4).
• 3, 5 and 6 November: withdrawals reopened for further assets from 04:00 UTC on each day, rolled out progressively.
• 4 November: about 98% of the stolen amount replaced, and a new proof-of-reserves snapshot covering 44 tokens, up from 10 (Recovery Update #7). Binance says the last 2% is slower to buy because those tokens are less liquid.

Where the money came from

Binance says it used a partial deployment of SAFU, part of its futures insurance fund and its own corporate treasury, and bought the remaining tokens in the market and through OTC (over-the-counter) deals. SAFU, set up in July 2018, is held by Nest Clearing and Custody Limited, a clearing house regulated by the Abu Dhabi Global Market's Financial Services Regulatory Authority. Binance says it will refill SAFU to about $1 billion, and that the futures insurance fund stays above the level its risk framework requires.

What a proof of reserves shows

Binance describes its proof-of-reserves snapshot as a way for each user to verify that their own balance in the covered tokens is backed at least 1:1, using a zero-knowledge proof that it says takes 50 to 60 hours to generate for the 4 November snapshot. For what this means for traders, see what the Binance hack means for crypto and forex traders.