Binance said in an Oct. 31 security update that it had covered 90% of the assets stolen in a hack, up from about 80% in its previous update. It said BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC were fully backed, while less liquid tokens made up the remaining shortfall. Binance pledged to buy the outstanding tokens and absorb the loss rather than pass it to users.
Binance said it was using company funds, futures insurance reserves and its emergency fund for the recovery. It said only excess insurance reserves had been moved, leaving required regulatory and internal risk coverage intact. Proof-of-reserves calculations were still pending; Binance expected holders of the 10 named tokens to be able to verify minimum 1:1 backing by Tuesday, Nov. 3. Withdrawals remained closed, with Binance targeting Sunday, Nov. 1, to reopen them and saying it would confirm the details later.
