Markets · Security
Binance says it has replenished 98% of the stolen assets
Binance says it has replenished about 98% of the funds hit in its security incident. Its new reserves snapshot covers 44 tokens, up from 10, but users can't check it until a proof is done.
Binance says it has replenished 98% of the stolen assets
Binance says it has now "replenished approximately 98% of the impacted amount" from its recent security incident, in its seventh recovery update, posted at 10:23 a.m. ET on Nov. 4 [1]. Two days earlier, it said it had covered about 95%, citing its fourth update [2]. The exchange also says it took a new reserves snapshot covering 44 tokens, up from 10 [1].
The mechanism
Binance says it is paying for the losses itself. It has "set aside more than 100% of the funds needed to cover these losses from Binance's own resources," and is buying the remaining tokens "through market and OTC channels" [1]. It expects the last 2% to be slower "because these tokens are less liquid" [1].
The snapshot is part of Binance's Proof of Reserves, a public check meant to show it holds at least as much of each token as its users have on deposit. Binance says the new one was taken at 00:00 UTC on Nov. 4, which is 7:00 p.m. ET on Nov. 3 [1]. Users check it with a zero-knowledge proof, a cryptographic method that lets each user confirm their balance is included without revealing anyone's balance [1][2].
The evidence
| Binance's recovery, by its own account | Nov. 2 | Nov. 4 |
|---|---|---|
| Share of impacted amount replaced, per Binance* | ~95% | ~98% |
| Tokens in Proof of Reserves snapshot | 10 | 44 |
*Binance said "covered" on Nov. 2 and "replenished" on Nov. 4. Source: Binance Recovery Updates #5 (Nov. 2) and #7 (Nov. 4) [1][2]. Table: Le Coin.
The 10 tokens in the earlier Oct. 31 snapshot were BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, Binance said on Nov. 2 [2]. It said then that the outstanding 5% "consists of tokens not included in the top ten" [2]. The new update does not list the 44 tokens; Binance says the snapshot is on its Proof of Reserves website [1].
Withdrawals are still reopening "in phases," Binance says [1].
The objection
The 44-token snapshot can't yet be checked by users. Binance says generating the full proof "is expected to take approximately 50 to 60 hours," and only once it is generated will holders of covered tokens be able to "independently verify that their balances are at least 1:1 backed" [1]. On Nov. 2, Binance estimated that same proof at 40 to 50 hours [2]. Every figure here is Binance's own.
The tell (Le Coin's view)
In Le Coin's view, the 44-token snapshot stays Binance's word until the proof arrives, which Binance estimated on Nov. 4 would take 50 to 60 hours to generate, and the 98% has no outside check in either update. The update to watch is the one that says the proof is done.
Sources
- [1] Binance, "Security Incident | Recovery Update #7: 98% of Stolen Assets Replenished and New PoR Snapshot With Expanded Coverage (2026-11-04)," published Nov. 4, 2026, 10:23 a.m. ET, https://www.binance.com/en/support/announcement/detail/c6ba9aa726974fc6b9332a2c8f63b405 ; accessed 11:28 a.m. ET Nov. 4.
- [2] Binance, "Security Incident | Recovery Update #5: October 31st PoR Snapshot Now Fully Verifiable by Users as ZK Proof Generated (2026-11-02)," published Nov. 2, 2026, 7:45 a.m. ET, https://www.binance.com/en/support/announcement/detail/185bd9a4717f44088b3be70287b8237f ; accessed 11:28 a.m. ET Nov. 4.
Holding the Corner.
Not financial advice.