Binance has recovered approximately 98% of the assets stolen during its October 29 security breach, bringing it closer to covering the estimated $6.3 billion loss. The exchange announced the progress on November 4, saying it would use its own funds rather than customer assets.
Binance also expanded its Proof of Reserves coverage from 10 to 44 tokens. It continues buying the remaining assets through market and over-the-counter transactions, although limited liquidity could delay completion.
Binance Updates Recovery and Reserve Figures
The exchange said it had secured more than 100% of the funds needed to cover the losses. However, acquiring the remaining 2% could take longer because some affected tokens have limited liquidity.
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Its latest reserve snapshot reflects balances recorded at 00:00 UTC on November 4. Binance expects its zero-knowledge proof to take 50–60 hours, allowing holders to verify whether covered tokens maintain 1:1 backing.
Binance Faces Industry Criticism Over Security
Binance community head Sisi criticized unnamed rival exchanges for using the breach in their marketing. However, she supported cooperation against hackers and offered to share attack details.
Separately, Ethereum Foundation researcher Justin Drake urged Binance to secure its cold storage. Speaking at Devcon 8 in Mumbai, he warned that two addresses hold substantial balances with publicly visible keys.
Drake also cautioned that future quantum computers or AI systems could potentially exploit exposed public keys to recover private keys.
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