Binance Commits Over $6.34 Billion to Cover Losses From October 29 Security Incident
Binance announced that it has completed assessing the assets affected by its October 29 security incident and committed more than $6.34 billion in company funds to cover the losses.
The funds were sourced through a combination of a partial deployment of the SAFU fund, Binance’s Futures insurance fund, and its corporate treasury. The exchange also pledged to replenish SAFU to approximately $1 billion to maintain its emergency user-protection reserves.
Binance has published a new Proof of Reserves (PoR) snapshot dated November 12, covering 198 tokens. The full zero-knowledge proof is expected to become available within 40–50 hours, allowing users to independently verify that their assets are backed at a minimum 1:1 ratio.
Withdrawals continue to reopen in phases, while a small number of unsupported tokens affected by the incident will be handled under Binance’s delisting procedures, with affected users covered.
Binance announced that it has completed assessing the assets affected by its October 29 security incident and committed more than $6.34 billion in company funds to cover the losses.
The funds were sourced through a combination of a partial deployment of the SAFU fund, Binance’s Futures insurance fund, and its corporate treasury. The exchange also pledged to replenish SAFU to approximately $1 billion to maintain its emergency user-protection reserves.
Binance has published a new Proof of Reserves (PoR) snapshot dated November 12, covering 198 tokens. The full zero-knowledge proof is expected to become available within 40–50 hours, allowing users to independently verify that their assets are backed at a minimum 1:1 ratio.
Withdrawals continue to reopen in phases, while a small number of unsupported tokens affected by the incident will be handled under Binance’s delisting procedures, with affected users covered.