Direct answer
Binance, the world’s largest cryptocurrency exchange, said on October 31, 2026 that it has covered about 90 percent of the roughly $6.3 billion stolen in the October 29 hack, and that it remains on track to reopen customer withdrawals on Sunday, November 1. The exchange says it is paying for the losses from its own funds, not from customer accounts.
What happened
Binance said it had already covered $6 billion of the stolen amount, up from 80 percent a day earlier, according to Reuters reporting of its October 31 announcement. The money came from three of its own reserves: the company’s corporate treasury, part of its $1 billion Secure Asset Fund for Users (SAFU), and part of its Futures Insurance Fund. On October 30, Binance had said it reserved more than $6.34 billion of company funds for the incident, including $5 billion held in the exact tokens that were stolen.
The remaining amount, now less than 10 percent, is made up of less liquid tokens that are harder to buy in large amounts quickly. Binance said it is buying those tokens through normal markets and over-the-counter deals, and that this part may take longer.
About $3 billion of the stolen assets was separately frozen by industry partners, including Tether and Circle. That frozen amount is separate from the replacement tokens Binance bought itself.
Binance also took a new proof-of-reserves snapshot on October 31 and said ten major tokens, including Bitcoin, Ether, Tether, BNB, Solana, USD Coin and XRP, are now fully backed one for one. The full cryptographic proof is expected by November 3, because generating it takes about 40 to 50 hours. The exchange has committed to restoring its SAFU reserve to about $1 billion after the partial drawdown.
One note of caution: the recovery figures are Binance’s own reports so far. Blockchain security firm CertiK said it needs more information to verify the roughly $5 billion in replacement holdings. That independent check is still pending.
This follows the FBI’s announcement, covered in our earlier post, that the North Korea-linked hacking group TraderTraitor was behind the attack, the largest crypto theft on record.
Why it matters for beginners
If you are new to crypto, this story shows two things. First, even the biggest exchange can be hacked, which is why many experienced users keep only trading money on an exchange and move long-term holdings to their own wallet. Second, an exchange’s own reserves and emergency funds decide whether customers get made whole after an attack. Binance says customers will not bear this loss, but that promise is only as strong as the reserves behind it, which is why the pending proof of reserves on November 3 matters.
This is educational information only, not a recommendation to buy, sell, or hold any cryptocurrency.
What to watch next
Watch for Binance’s confirmation that withdrawals have actually reopened on November 1, and for the full proof of reserves expected by November 3. If either slips, that will tell users more than any announcement. Also watch whether investigators recover more of the frozen $3 billion, and whether regulators respond to the largest crypto hack on record.
FAQ
Is my money on Binance safe now?
Binance says customer accounts are untouched and that it is absorbing the loss from its own funds. Independent verification of its replacement holdings is still pending, with the full proof of reserves expected by November 3.
What is the SAFU fund?
The Secure Asset Fund for Users is an emergency reserve Binance built from trading fees to protect users in extreme events like a hack. Binance partly drew it down for this incident and says it will restore it to about $1 billion.
What happens to the stolen crypto?
About $3 billion has been frozen by industry partners. Recovery of stolen crypto is slow and uncertain, and frozen funds are not the same as returned funds.
Does this change anything for beginners?
The basic lesson is unchanged: understand where your crypto is held, use strong security, and never put money into crypto that you cannot afford to lose.