Binance covers $6.3B hack losses from balance sheet and completes proof of reserves
Binance has absorbed roughly $6.3 billion in hack losses directly from its own balance sheet and completed a zero-knowledge proof of reserves verifying 1:1 backing for ten major tokens.
Binance covered the losses from a roughly $6.3 billion security breach entirely using its own balance sheet, avoiding borrowing money, selling assets, or raising capital, according to statements from the exchange and former CEO Changpeng Zhao. Zhao stated that 100% of the funds have been allocated, about 95% of stolen assets have been replaced, and approximately $3 billion remains frozen onchain.[1][2][4][7][8][10]
In a recovery update, Binance confirmed it has completed the zero-knowledge proof for its Oct. 31 proof-of-reserves snapshot. The verification system enables users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC to independently check that their balances are backed at least 1:1. The exchange noted that the remaining 5% of impacted assets consists of less-liquid tokens it is still working to convert and acquire.[3][5][6][9][11]
The platform stated that it expects to begin progressively restoring withdrawals for additional networks and assets on Nov. 3. Binance co-founder Yi He added that another proof-of-reserves snapshot is scheduled for Nov. 4, with zero-knowledge proof generation estimated to take between 40 and 50 hours after completion.[7][9]
Key facts
- Binance covered approximately $6.3 billion in hack losses directly from its own balance sheet without borrowing, selling assets, or raising capital.
- Former Binance CEO Changpeng Zhao said all recovery funds are allocated, roughly 95% of stolen assets have been replaced, and about $3 billion remains frozen onchain.
- Binance completed a zero-knowledge proof for its Oct. 31 snapshot, letting users verify at least 1:1 backing across BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.
- The remaining 5% of impacted funds consists of less-liquid tokens that Binance is still working to convert and acquire.
- Binance said it expects to begin progressively restoring withdrawals for additional networks and assets on Nov. 3.
- A wider reserves snapshot is planned for Nov. 4, with proof generation estimated to take 40 to 50 hours.
Sources · 10 sources
- SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Binance covered the $6.3B hack losses using its own balance sheet, without borrowing, selling assets or raising capital.
Open source - CB
Crypto BriefingArticle ·
Binance says $6.34 billion hack recovery came entirely from its own balance sheet Binance's self-funded hack recovery reinforces its commitment to user protection, setting a precedent for industry accountability and resilience. The post Binance says $6.34 billion hack recovery came entirely from its own balance sheet appeared first on Crypto Briefing .
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Binance has now completed its full Zero-Knowledge Proof of Reserves. Users can now independently verify 1:1 backing for ten major assets: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. That's a significant step towards restoring confidence after the $6.3B hack. But the recovery isn't finished. Binance says approximately 95% of the affected funds have been covered, with the remaining 5% consisting of less-liquid tokens. Progress, but there's still work to do.
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨CZ: BINANCE COVERED THE HACK FROM ITS BALANCE SHEET WITHOUT BORROWING OR SELLING ASSETS! @cz_binance says @binance did not borrow money, sell assets, or raise capital to cover the roughly $6.3B hack. It absorbed the losses directly from its balance sheet. The exchange has already allocated 100% of the funds, with the final 5% still being converted into some smaller tokens. This approach differs from other major incidents.
Open source - TB
The BlockArticle ·
Binance completes latest proof of reserves as it works to restore assets, withdrawals after record hack Binance users can now independently verify 1:1 backing for BTC, ETH, BNB, SOL, XRP and more as it replenishes 95% of assets lost in record hack.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🚨 UPDATE: Binance says its latest Proof of Reserves is now fully verifiable, confirming 100% backing for BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. The exchange has covered approximately 95% of the assets impacted by the $6.3B hack, with the remaining 5% still being sourced.
Open source - BS
BSCN@BSCNewsPost on X ·
CZ says Binance covered its $6.3B hack from the balance sheet Former Binance CEO @cz_binance said today that the exchange did not borrow, sell assets, or raise new money to pay for the losses. He added that all the funds are set aside, with the last 5% still being converted into smaller coins. @binance has replaced about 95% of the stolen assets so far, while around $3B of the total stays frozen onchain. Today it also published a proof of reserves that lets users check ten tokens, including $BTC, $ETH and $BNB, are backed at least 1:1, with a wider snapshot planned for Wednesday.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 UPDATE: Binance has allocated funds to cover 100% of its hack losses, with just 5% still awaiting conversion into smaller tokens, according to CZ. https://t.co/fNgAsKXU61
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Binance said it has completed the zero-knowledge proof for its Oct. 31 Proof of Reserves snapshot, allowing users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC to independently verify that their balances are backed at least 1:1. The exchange said it has covered approximately 95% of the assets impacted by last week's hack using its own funds, with the remaining 5% consisting of less-liquid tokens it is still working to acquire. Binance plans another reserves snapshot on Nov. 4 and said it expects to begin progressively restoring withdrawals for additional networks and assets on Nov. 3.
Open source - DE
Decrypt@DecryptMediaPost on X ·
CZ Says Binance Didn't Borrow, Sell Assets or Raise Money to Cover Stolen Funds. Changpeng Zhao said Monday that Binance covered the losses from its own balance sheet, as the exchange says it has replenished about 95% of the impacted amount, with the remaining less liquid tokens taking longer to source.
Open source - CB
Crypto BriefingArticle ·
Binance completes proof of reserves checks across 10 major tokens following $6.3B hack Binance's zero-knowledge proof enhances transparency and trust, yet highlights ongoing challenges in securing and verifying crypto reserves. The post Binance completes proof of reserves checks across 10 major tokens following $6.3B hack appeared first on Crypto Briefing .
Open source