Binance restores 90% of $6.34bn hack losses

In short

• Binance said on 31 October 2026 it has restored about 90% of the roughly $6.34bn in on-chain losses from the 29 October hot-wallet hack.
• Ten tokens, including Bitcoin, Ether, USDT and BNB, are fully reserved, and SAFU will be restored to $1bn.
• Users of those tokens can verify 1:1 backing once the full proof of reserves lands, expected by 3 November.
• Withdrawals are expected to reopen on Sunday, 1 November, after security checks.

How did Binance restore 90%?

Binance said in its third security update on 31 October 2026 that it has restored around 90% of the roughly $6.34bn in on-chain losses from the hack of its hot wallet on 29 October, according to Binance's own update. Bitcoin, Ether, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and ZEC are fully reserved. Binance also said its Secure Asset Fund for Users, or SAFU, will be restored to $1bn, and the recovery rate rose from 80% in the previous update.

What is Binance's SAFU safety net?

Binance, the world's largest cryptocurrency exchange, runs the platform where traders buy and sell Bitcoin, Ether and thousands of other tokens. SAFU, set up in July 2018, is an emergency reserve funded from trading fees to protect users in extreme situations such as this hack. At the time of writing (15:15 UTC on 31 October 2026), Bitcoin (BTC) traded at $77,313, down 0.07% in 24 hours, with a market value of $1.55tn, while BNB (BNB) traded at $706.18, up 0.89% in 24 hours, with a market value of $92.9bn, according to InvestIn.News market data.

Where the recovery money comes from

Binance said it drew on three sources to replenish the assets: a partial deployment of SAFU, a portion of its Futures insurance fund, and its corporate treasury. More than $6.34bn had been set aside, including $5bn in the exact affected tokens, according to Premium Times Nigeria, which reported CEO Richard Teng's video update. Binance said it had frozen about $3bn in assets with law enforcement agencies, token issuers and blockchain analytics firms, according to TradingView. The remaining roughly 10% are less liquid altcoins that Binance is buying through market transactions and over-the-counter channels.

Are Binance users' funds safe?

Binance said users will not have to absorb the losses from the breach. Holders of any of the ten fully reserved tokens can confirm, once the complete proof of reserves is ready, that their balances are backed at no less than 1:1; Binance expects that proof by 3 November 2026. A new Proof of Reserves snapshot was captured at 00:00 UTC on 31 October 2026, and withdrawals are due to resume on Sunday, 1 November 2026.

How X users read the SAFU move

On X, charvelario said the long-term point was not the 90% figure but that SAFU, mocked for years as a marketing line item, did the exact job it was built for in 2018. The user argued every exchange will copy the structure now, under another name. Binance Africa shared Binance's update on X.

Key numbers

Timeline

• 29 Oct 2026: Binance hot wallet attacked, about $6.3bn drained
• 30 Oct 2026: Binance set aside $6.34bn and reported 80% replenished
• 31 Oct 2026: Binance said 90% of losses restored and 10 tokens fully reserved
• 1 Nov 2026: Withdrawals expected to reopen after security checks
• 3 Nov 2026: Full proof of reserves expected to be completed

Questions readers ask

How much of the Binance hack losses have been restored?

Binance said on 31 October 2026 that about 90% of the roughly $6.34bn in on-chain losses had been restored. Bitcoin, Ether, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and ZEC are fully reserved. The remaining less liquid altcoins are being bought back in stages.

Are Binance users' funds safe after the hack?

Binance says customer funds will not bear the cost and that users of the ten fully reserved tokens can verify 1:1 backing once the full proof of reserves is available, expected by 3 November 2026. Withdrawals are expected to reopen on 1 November.

When will Binance withdrawals resume?

Binance has said it remains on track to reopen withdrawals on Sunday, 1 November 2026, after security checks and system changes are complete. It expects the full proof of reserves to be completed by 3 November.

What is Binance's SAFU?

SAFU is Binance's Secure Asset Fund for Users, an emergency reserve set up in July 2018 and funded from trading fees. Binance plans to restore it to $1bn after deploying part of it.

Our view

At InvestIn.News, we think Binance's update is less about pinning down an exact loss figure and more about reasserting user coverage after a record-scale hot-wallet incident. A near-full reserve rebuild and a plan to restore SAFU to $1bn both point to the exchange trying to limit the slow drain of trust that follows a breach of this size.

The $5bn Binance says it already holds in the exact affected tokens, and the roughly $3bn it says has been frozen with law enforcement and blockchain partners, are concrete steps rather than general promises. The remaining less liquid altcoins are still being bought back in stages, which leaves some users waiting longer than others.

Our team sees the real test as the next few days: whether withdrawals reopen on 1 November and the full proof of reserves lands by 3 November without further incident. Those dated commitments will confirm or weaken the recovery claim.

— Ishu Aggarwal

How we reported this: this story draws on reporting by Premium Times Nigeria and TradingView, 2 public posts shown in the story and InvestIn.News market data. Each source is linked in the text and listed under Sources.

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Ishu Aggarwal

What to watch: Withdrawals are expected to reopen on 1 November 2026 and the full proof of reserves is expected by 3 November 2026.