#YiHe:ProofOfReserves:10TokensAt100%Backing
## 📢 The Big Update
Binance has released a new Proof of Reserves update, and the numbers are the clearest sign yet of how it is handling the **largest crypto hack on record**. Binance said in Recovery Update #3, published on October 31, 2026, that the covered amount from its October 29 security incident had reached 90%, up from roughly 80% in its previous update. 📈
The exchange confirmed that BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now backed by reserves covering 100% of customer balances. ✅
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## 💥 How the Hack Unfolded
The attack hit a hot wallet known as "Binance 14." CoinDesk found that this wallet appears in Binance's October 1 proof of reserves, so the stolen crypto was part of the assets backing customer balances. 😬
About 204,500 ETH was taken, roughly 5.6% of Binance's ETH reserves, which would have pushed ETH backing to about 94% until replaced. That is why the reserve restoration matters so much. 🔧
On how the attacker got in, Binance's early findings point to a human weak spot rather than a broken blockchain. Preliminary findings pointed to a compromised DevOps engineer's laptop that may have given the attacker access to an internal service to submit unauthorized withdrawals, with no evidence of a wallet private-key leak. 💻
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## 🕵️ The North Korea Connection
Blockchain analytics firms TRM Labs and Chainalysis have linked the breach to TraderTraitor, a hacking group tied to North Korea. 🇰🇵
This is the same group the FBI named in the $1.5 billion Bybit hack in February 2025, so the pattern is familiar: state-backed actors, fast laundering and attacks on the human side of security. ⚠️
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## 💰 How Binance Is Paying for It
Binance says users will not bear the loss. A spokesperson said the exchange will absorb the financial impact through a mix of corporate treasury money, a partial deployment of its SAFU fund and a portion of its futures insurance fund. 🛡️
Key numbers from the updates:
- 💵 Co-CEO Yi He said Binance allocated $6.34 billion of its own corporate funds to the user fund.
- 🛒 Binance will keep buying the altcoins not yet matched through market and OTC channels until all tokens reach 100%.
- 🧾 Binance is using part of SAFU to buy the remaining 10% of outstanding assets.
SAFU, created in 2018 as an emergency insurance fund, is now facing its biggest test. 🔥
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## 🔐 Proof of Reserves: What to Check
The new snapshot was taken on October 31, 2026 at 00:00 UTC. The full zero-knowledge proof takes about 40 to 50 hours to generate and is expected by November 3, after which users holding the ten named tokens can verify their assets are backed at least 1:1. 🔎
Two points to keep in mind:
- 📌 The snapshot covers only the ten named tokens. The remaining ~10% of less liquid tokens is still being bought. Futures insurance funds are not shown on Proof of Reserves.
- 📌 The full cryptographic proof is the real test, because it lets users check their own balances instead of trusting a headline.
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## 🏧 Withdrawals and the Wider Fallout
Binance plans to resume withdrawals on Sunday, November 1. Earlier reporting said the restart would be phased and subject to security checks. 🚦
The hack also reached DeFi. Aave froze markets after the exploiter borrowed $44.6 million, with the freezes covering reserves across many networks. That shows how stolen funds can ripple across the industry within hours. 🌊
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## ❓ The Big Questions
1. ⏳ How long until the last 10% is fully covered?
2. 🚪 How smooth will the withdrawal reopening be, and will limits apply at first?
3. ✅ Will the full ZK proof on November 3 confirm the 1:1 claim for every user?
4. 🔒 What new security controls will Binance add after the DevOps compromise?
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## 🧠 What Users Should Do
- 🔎 **Verify, don't just trust.** Check the PoR page once the full proof is out.
- 🔑 **Use strong 2FA** with an authenticator app or hardware key.
- 👛 **Don't keep everything on one exchange.** Move long-term holdings to self-custody.
- 🚫 **Watch for scams.** Fake "refund" and "compensation" links spread fast after big hacks.
- 🧘 **Avoid panic moves.** Make decisions on confirmed information.
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## 💡 My Take
Binance's response has been fast and transparent so far: regular updates, a PoR snapshot and a clear promise to absorb the loss. 👏 But a snapshot is not the finish line. **Trust will be rebuilt by the full proof, a smooth withdrawal reopening and a clear post-mortem on how the attack happened.** 📊
Would this update make you more comfortable keeping funds on Binance right now? Tell me below. 👇
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⚠️ *Informational only, not financial advice. Crypto is high-risk. Always DYOR.*
**#Binance #ProofOfReserves #CryptoSecurity #SAFU #CryptoNews** 🏷️
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Sources:
- [Yahoo Finance: Binance says 90% of hack impact now covered](https://finance.yahoo.com/markets/crypto/articles/binance-says-90-hack-impact-191513226.html)
- [CoinDesk: Hack drained wallets backing customer assets](https://www.coindesk.com/business/2026/10/30/binance-hack-drained-wallets-backing-customer-assets-reserve-data-shows)
- [Cointelegraph: Binance $6.3B hack live updates](https://cointelegraph.com/news/live-updates-binance-63b-hack-linked-to-north-koreas-tradertraitor)
- [CoinDesk: Binance says it has replaced 90% of stolen crypto](https://www.coindesk.com/business/2026/10/31/binance-says-it-has-replaced-90-of-stolen-crypto-after-massive-usd6-3-billion-breach)
- [Securities.io: Hack-loss coverage reaches 90%](https://www.securities.io/binance-says-hack-loss-coverage-reaches-90-with-new-reserve-snapshot/)
- [Coin-Turk: Binance replenishes 90%](https://en.coin-turk.com/binance-replenishes-90yuzde-of-6-3-billion-stolen-crypto-says-user-funds-fully-backed/)
- [Coinpaper: Binance replaced 90% of stolen crypto](https://coinpaper.com/38170/binance-says-it-has-replaced-90-of-stolen-crypto-after-6-3-billion-hack)#IntelHasItsWorstDaySince1974 #OpenAICutsFundraisingTargetBy$10B #SuspectedNorthKoreaAttacksAccountForNearly89%OfCryptoHackLosses #TRMCambodianCasinosReceived$1.07BInCrypto