Binance Says It Has Fully Covered the $6.34 Billion Hack as Proof of Reserves Expands to 198 Tokens

Published November 13, 2026, 12:37 AM PKT. Based on Binance's own announcement published on November 12, 2026 (primary source) and reporting from Bitcoin Magazine and CompareCEX the same day (secondary sources). Market data from CoinGecko, November 12, 2026.

Binance said on Thursday, November 12, that it has completed coverage of the assets affected by the October 29 security incident that drained about $6.34 billion from its hot wallets, the largest theft in crypto history, and has published a new proof of reserves snapshot covering 198 tokens.

The announcement, titled "Binance Completes Coverage of Assets Impacted in Security Incident; New Proof of Reserves Published", is the first time the exchange has said the replenishment process is complete. It follows Recovery Update #7 on November 4, when coverage stood at about 98 percent and the proof of reserves covered 44 tokens, a milestone this site reported at the time. The new figure closes the gap Binance had been working through for two weeks, though the update leaves the recovery of the stolen coins themselves, the full reopening of withdrawals and the post-mortem still open.

Coverage complete, two weeks on

Binance said it committed more than $6.34 billion in company funds to cover the losses and began sourcing the affected tokens through market and over-the-counter channels. The bill was paid from a combination of a partial deployment of the Secure Asset Fund for Users, the emergency reserve known as SAFU, a portion of its futures insurance fund above the level required under its risk-management framework, and its own corporate treasury, according to the announcement. Binance has also committed to replenishing SAFU to return the fund to approximately $1 billion, so it stays fully resourced as an emergency user-protection reserve.

The climb to full coverage ran on a steady sequence in the exchange's own updates: about 80 percent covered by October 30, 90 percent by October 31, 95 percent by November 1 and 2, and 98 percent by November 4, with the last 2 percent the slowest to buy because those tokens trade thinly. The final step took another eight days, and it is the first time Binance has put the figure at 100 percent.

The distinction between coverage and recovery still matters. Coverage means Binance has replaced the affected tokens from its own books, not that it has recovered the stolen coins from the attackers. The announcement does not say how much of the stolen assets have been retrieved, and it does not name an attacker. The US Federal Bureau of Investigation has attributed the theft to North Korea's TraderTraitor group, and Binance said in its October 30 notice that about $3 billion had been frozen on-chain. A very small number of tokens Binance no longer supports were also affected, the update said, and those holdings will be handled under its delisting process, with the users who hold them covered.

From 10 tokens to 198

The transparency side of the update is a second milestone. Binance took a new proof of reserves snapshot at 00:00 UTC on November 12, and it covers 198 tokens, up from 44 in the November 4 snapshot and 10 in the October 31 snapshot, according to the announcement. The October 31 snapshot covered Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), BNB ($BNB), Solana ($SOL), USD Coin ($USDC), XRP ($XRP), World Liberty Financial USD ($USD1), Ripple USD ($RLUSD), and Zcash ($ZEC). Binance says the new snapshot is available on its proof of reserves website, and that generating the full zero knowledge proof for it is expected to take about 40 to 50 hours because of the computing workload. Only once that proof lands, around November 14, will users holding any of the 198 tokens be able to check for themselves that their balances are backed at least 1:1.

Until the proof is ready, the 1:1 backing is Binance's statement, not something customers can confirm on their own, as Bitcoin Magazine noted in its coverage. That is the same caveat that applied to the 44-token snapshot, whose proof took about 50 to 60 hours to generate.

What the proof does and does not settle

A proof of reserves is a point in time inventory, not a full financial audit, and readers should not overread it. It shows that, at the snapshot moment, the exchange held at least one coin for each coin owed on the covered tokens. It does not prove that every future day stays one to one, and it does not itemise each drawdown from SAFU or the futures insurance fund.

There is also an unresolved inconsistency in Binance's own timeline that the exchange has not reconciled, which this site flagged in its November 5 coverage. Binance put replenishment at 90 percent on October 31 and still gave 95 percent in its November 2 notice, yet its incident report published November 3 said 98 percent had been replenished as of October 31. Those figures cannot all describe the same measure on the same date, and Binance has not explained what each percentage measures. The discrepancy alone is not evidence that customer balances are missing, but it means the recovery timeline should be read as the company's own accounting, not as an independently reviewed result. What is established is the direction and the scale: the affected tokens are now fully replaced from Binance's own funds, the reserve proof covers 198 tokens instead of 10, and the remaining work is verification and the phased return of withdrawals.

Withdrawals still reopening in phases

Thursday's update does not reopen the platform all at once. Binance said it continues to reopen withdrawals in phases and will provide further updates as soon as they are confirmed. The exchange first reopened withdrawals on November 1, starting with Bitcoin ($BTC) and then expanding to other networks, and has kept the restart on a phased timetable since then. No date was given for full reopening, and the update gives no post-mortem details. CompareCEX, which tracks Binance's notices, notes that the exchange's incident report said the theft began with a fake job interview and a poisoned developer tool.

The market context

The update landed on a weak week for crypto markets. Bitcoin ($BTC) traded near $72,300 on November 12, down about 1.8 percent over 24 hours, while Ethereum ($ETH) hovered near $2,045, according to CoinGecko. US spot Bitcoin ($BTC) exchange-traded funds recorded about $299.8 million in outflows on November 11, a fifth straight day of withdrawals, and spot Ethereum ($ETH) funds lost $144.8 million the same day. The Crypto Fear and Greed Index stood at 28, in Fear territory.

What to watch next

The next facts to watch are the zero knowledge proof itself, due in about 40 to 50 hours from the November 12 snapshot, when users can verify the wider 198-token coverage for themselves, and the pace of the phased withdrawal reopening. The other open items are the post-mortem, which Binance has not yet published, and any update on how much of the stolen $6.34 billion has been frozen or recovered. Until the proof lands, the headline is Binance's own word that the book is balanced, and the test is whether the cryptography backs it.

Sources

• Binance, Binance Completes Coverage of Assets Impacted in Security Incident; New Proof of Reserves Published, November 12, 2026 (primary source: coverage of impacted assets complete, more than $6.34 billion in company funds committed, market and OTC sourcing, partial SAFU deployment, futures insurance fund portion above the required level, corporate treasury, SAFU to be replenished to about $1 billion, new proof of reserves snapshot at 2026-11-12 00:00 UTC covering 198 tokens, full zero knowledge proof in about 40 to 50 hours, withdrawals reopening in phases, delisted tokens handled under the delisting process)
• Bitcoin Magazine, Binance Says It Has Fully Covered The $6.34 Billion Hack With Company Funds, November 12, 2026 (secondary source: coverage complete from company funds, largest crypto theft on record, SAFU replenishment to about $1 billion, 198-token snapshot versus 10 in the October 31 snapshot, zero knowledge proof in about 40 to 50 hours, 1:1 backing not yet independently verifiable, withdrawals in phases, no recovery figure and no attacker named, theft began with a fake job interview and a poisoned developer tool, incident report published November 3)
• CompareCEX, Binance hack Oct 2026: all impacted assets covered, new PoR snapshot, November 12, 2026 (secondary source: announcement time 2026-11-12 16:54 UTC, coverage complete, more than $6.34 billion committed, SAFU replenishment to about $1 billion, snapshot at 2026-11-12 00:00 UTC covering 198 tokens, zero knowledge proof in about 40 to 50 hours, withdrawals reopening in phases, no post-mortem details yet)

This article is news reporting and is not investment advice.