Binance has replenished 90% of the $6.3 billion in assets stolen during Thursday’s hack, restoring 100% backing for 10 major tokens including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. The exchange is acquiring the remaining 10% in less liquid tokens through open market and OTC purchases, drawing on its corporate treasury, futures insurance fund and Secure Asset Fund for Users, with a partial deployment of the SAFU reserve scheduled within 24 hours before it is refilled to about $1 billion. Binance remains on schedule to reopen withdrawals on Sunday, Nov 1, and took a new Proof of Reserves snapshot on Oct 31, targeting full zero-knowledge cryptographic verification by Nov 3 UTC.
A Binance spokesperson told Crypto in America that the drained hot wallets were legally owned by the exchange but held assets representing retail customers’ pro rata ownership claims, which the company is replacing from its $6.34 billion reserve allocation so user balances avoid a haircut. While industry partners have frozen about $3 billion onchain, Blockaid noted that only 0.8% of stolen crypto funds are historically returned to victims. Meanwhile, Chainalysis reported that the attackers are bypassing stablecoin freezes on the Tron network by swapping stolen funds into unfreezable DeFi depository receipt tokens and redeeming them at clean wallet addresses, while Origin Protocol said it temporarily pulled liquidity to force the hackers to dump stolen OGN tokens at an average 79% discount.