A $6.3 BILLION security crisis ā but Binance is making one promise clear: the financial losses will not be passed on to users!
Binance co-CEO Richard Teng delivered a strong message on X, confirming that the exchange had replenished 90% of the stolen assets and was committed to covering the remaining amount.
And the latest November 1 update brings even bigger news: recovery has now reached approximately 95%.
Here's the full breakdown. š
š° 1. THE $6.3 BILLION SECURITY INCIDENT
Estimated stolen assets: approximately $6.3 billion.
Binance allocated more than $6.34 billion to cover the financial impact.
Initial replenishment reached 90%.
Latest recovery update: approximately 95%.
Binance says users will not bear the losses.
š”ļø 2. TEN MAJOR TOKENS ARE 100% BACKED
Binance reports full reserve backing for these ten assets:
$BTC | $ETH | $USDT | $BNB | $SOL
$USDC | $XRP | $USD1
| $RLUSD | $ZEC
The remaining 5% consists of less-liquid tokens outside this group, which Binance is continuing to acquire through market purchases and OTC transactions.
š 3. WHERE IS THE RECOVERY MONEY COMING FROM?
Binance's replenishment effort uses three sources:
Corporate treasury funds.
A portion of the SAFU emergency reserve.
A portion of the Futures Insurance Fund.
This is an important distinction: Binance is not claiming that every dollar came directly from Richard Teng or another executive's personal wealth. The recovery is being funded through company and designated reserve resources.
š 4. PROOF OF RESERVES: THE NEXT TRUST TEST
Binance has published an updated Proof of Reserves snapshot.
The full zero-knowledge proof is expected around November 3, 2026, allowing holders of the ten named tokens to independently verify at least 1:1 reserve backing.
š 5. WITHDRAWALS ARE RETURNING IN PHASES
Binance scheduled the first phase of withdrawal resumption for November 1, between 06:00 and 09:00 UTC.
Services are being restored progressively after security and readiness checks. Users should verify availability for their specific assets and networks.
š„ MY TAKE: BACKED NOT BROKEN ā BUT TRUST MUST BE EARNED
Moving from 90% to 95% recovery is a major milestone.
Binance's commitment to absorb the losses is significant, but the real measure of confidence will be completing the remaining replenishment, providing independently verifiable reserves and restoring services safely.
A strong recovery matters. Preventing the next attack matters even more.
š¬ YOUR TURN:
Would you continue keeping funds on Binance after this recovery commitment, or would you wait for the complete Proof of Reserves verification?
Comment below ā let's discuss!
Binance #RichardTeng #SAFU #BACKEDNOTBROKEN
