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Binance said on Oct. 31 it has completed asset restoration and replenishment for 90% of the $6.34 billion in on-chain losses from the hack.
According to an official recovery status update, the exchange said it has already secured full 100% payout reserves for 10 major cryptocurrencies: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Binance said it filled the liquidity gap using not only its own corporate capital but also excess surpluses from SAFU, its user protection fund held at a regulated trust institution in Abu Dhabi, and its futures insurance fund. The SAFU fund is set to be restored immediately to $1 billion.
The remaining 10% yet to be recovered consists of relatively less liquid mid- and small-cap altcoins, which Binance said it is buying back in stages through over-the-counter trades and coordination with partners. Binance also said it updated a new proof-of-reserves snapshot as of 12:00 a.m. UTC on Oct. 31, and users will be able to fully verify individual one-to-one collateralization around Nov. 3 once extensive zk-Proof computations are completed.
The exchange said it remains on track to resume normal withdrawals on Nov. 1 as previously announced, and reaffirmed its policy of absorbing 100% of the financial losses from the hack rather than passing them on to users.