## 📢 The Message From the Top
On Saturday, Binance co-CEO Richard Teng reportedly told the community that the exchange has now replenished 90% of the stolen assets and is committed to covering the remaining 10%, so users will not carry the financial impact of the incident. 💬
This matches Binance's official line. A company spokesperson said Binance will absorb the financial impact of the stolen funds, not users, pointing to corporate treasury money, a partial deployment of SAFU and part of its futures insurance fund. 🏦
For anyone holding funds on the exchange, this is the sentence they wanted to hear. But in crypto, the real question is always: **can it be verified?** 🔍
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## 📅 The Timeline So Far
Here is how the story has moved, based on Binance's own recovery updates:
- 🔥 **October 29, 2026:** The security incident occurs. Coverage is a record $6.3 billion.
- 📊 **October 30 (Update #2):** Binance reports about 80% of the affected amount covered and says it has reserved $6.34 billion in company funds.
- ✅ **October 31 (Update #3):** Coverage reaches 90%, with a fresh Proof of Reserves snapshot.
- 🚦 **November 1:** Withdrawals are planned to resume.
- 🔐 **November 3:** The full zero-knowledge Proof of Reserves is expected.
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## 💰 Where Is the Money Coming From?
Binance says the replenishment is funded by three sources: 🧾
1. 🏢 **Corporate treasury.** Co-CEO Yi He said Binance allocated $6.34 billion of its own funds to the user fund.
2. 🛡️ **SAFU.** The emergency insurance fund, created in 2018, is being used in part to buy the remaining 10% of outstanding assets.
3. 📉 **Futures insurance fund.** A portion is being used too, though it does not appear on the Proof of Reserves page.
Binance also noted that a portion of its funds serves as capital reserves under regulatory obligations in the ADGM, so not every dollar is freely available. 🏛️
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## 🪙 The 10 Tokens Now Fully Backed
Binance says these assets are now backed 100%: **BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.** ✅
The remaining ~10% is made up of less liquid tokens. Binance says it will keep buying them through market and OTC channels until every token reaches 100%. That is why the last stretch is slower: 🐢 buying large amounts of thin altcoins too fast can push prices up and cost more.
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## 🔬 "Verify, Don't Trust": The Proof of Reserves Test
The latest snapshot was taken on October 31, 2026 at 00:00 UTC. The full zero-knowledge proof takes roughly 40 to 50 hours to generate and is expected by November 3. Once it is out, users holding the ten named tokens can check for themselves that their assets are backed at least 1:1. 🔐
What to look for:
- 📌 Your own balance included in the Merkle tree
- 📌 Coverage ratios at 100% or higher for the named tokens
- 📌 Any gap on the remaining less liquid tokens
- 📌 What the proof does *not* show, such as futures insurance funds
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## 🕵️ What We Know About the Attack
- 🇰🇵 TRM Labs and Chainalysis have linked the breach to TraderTraitor, a hacking group with North Korean ties.
- 💻 Preliminary findings point to a compromised DevOps engineer's laptop that may have allowed unauthorized withdrawals through an internal service, with no evidence of a private-key leak.
- 🌊 The attack spilled into DeFi, where Aave froze markets after the exploiter borrowed $44.6 million.
The lesson is that even huge exchanges can be exposed through **one employee's device**. 👨💻
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## ⚖️ Is "Your Money Is Safe" Fully True Yet?
Fair question. 🤔 The picture today:
**Strong signs ✅**
- Ten major tokens are reported as fully backed
- Binance is putting billions of its own money behind the promise
- Regular, detailed updates are being published
- A cryptographic proof is on its way
**Still open ❓**
- The final 10% is not yet covered
- The full ZK proof has not been published
- Withdrawals are only now reopening, and a phased restart is possible
- The final security post-mortem is still pending
"Users bear no loss" is a strong promise. It becomes fact once the proof lands and withdrawals run smoothly. ⏳
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## 🧠 Practical Tips for Users
- 🔎 Check the PoR page after November 3 and verify your own balance.
- 🔑 Use an authenticator app or hardware key for 2FA, not SMS.
- 🚫 Ignore "compensation" or "refund" links, since scammers love moments like this.
- 👛 Keep long-term holdings in self-custody and use exchanges mainly for trading.
- 📊 Diversify across platforms.
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## 💡 My Take
Binance's response has been **fast, funded and fairly transparent**, and that deserves credit. 👏 But the strongest words, "backed not broken," will be earned by the **proof, the withdrawals and the post-mortem**, not by statements alone.
For now, the facts support cautious optimism, not blind trust. 🧘
**Do you trust this recovery? Comment below! 👇**
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⚠️ *Informational only, not financial advice. Crypto is high-risk. Always DYOR.*
**#Binance #RichardTeng #SAFU #ProofOfReserves #CryptoNews** 🏷️
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#BackedNotBroken:RichardTengSaysUsersBearNoLoss #CZSaysCompensationIsinPlaceUsersAreProtected #IntelHasItsWorstDaySince1974 #TRMCambodianCasinosReceived$1.07BInCrypto #SuspectedNorthKoreaAttacksAccountForNearly89%OfCryptoHackLosses
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)
- [Securities.io: Hack-loss coverage reaches 90%](https://www.securities.io/binance-says-hack-loss-coverage-reaches-90-with-new-reserve-snapshot/)
- [Binance on X: Security Incident Update #3](https://x.com/binance/status/2116538196259684457)
- [Crypto.news: Binance reserves $6.34B, targets phased withdrawals](https://crypto.news/binance-hack-recovery-withdrawals-proof-of-reserves/)
- [Cointelegraph: Binance $6.3B hack live updates](https://cointelegraph.com/news/live-updates-binance-63b-hack-linked-to-north-koreas-tradertraitor)
- [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)
- [Coin-Turk: Binance replenishes 90%](https://en.coin-turk.com/binance-replenishes-90yuzde-of-6-3-billion-stolen-crypto-says-user-funds-fully-backed/)