- Binance says it has repurchased approximately 98% of the assets stolen in its late-October hot-wallet hack through market and OTC channels
- The exchange states it has covered the resulting shortfall itself, funded at more than 100% from its own resources, rather than drawing on any insurance fund or user assets
- A new Proof of Reserves snapshot taken November 4, 2026 at 00:00 UTC now covers 44 tokens, up from 10 in the prior snapshot, with full zero-knowledge proof generation expected to take 50 to 60 hours
Binance published its seventh Recovery Update on November 4, 2026, reporting substantial progress in restoring the funds drained from its hot wallets in late October. The exchange says it has now repurchased roughly 98% of the stolen assets, sourcing replacement tokens through a combination of open-market buys and over-the-counter transactions rather than waiting for frozen or seized funds to be recovered and returned.
The update reiterates that Binance has covered the resulting shortfall using its own resources, funding the replacement at more than 100% of what was needed. The exchange frames this as both a solvency guarantee and a trust-rebuilding measure, emphasizing that no user funds or third-party insurance were tapped to make the exchange whole again.
Alongside the recovery figures, Binance disclosed an expanded Proof of Reserves snapshot taken on November 4 at 00:00 UTC. The new snapshot covers 44 tokens, a significant expansion from the 10 tokens included in the exchange’s prior snapshot, giving users and outside observers a far broader view into the exchange’s actual holdings across its asset base. Binance states that generating the full zero-knowledge proof tied to this expanded snapshot is expected to take between 50 and 60 hours given the larger scope.
The phased reopening of withdrawals that Binance began in the days after the hack continues alongside this update, with the exchange describing the recovery process as ongoing rather than fully complete. The pace of disclosure, with numbered recovery updates arriving roughly every day or two since the incident, has become the exchange’s primary tool for managing user confidence through what remains the largest publicly disclosed exchange hack on record.
Binance’s own numbers in this update represent the exchange’s self-reported figures rather than an independently audited final tally, though the expanded Proof of Reserves scope is designed to let third parties verify at least the reserve side of that claim once the underlying zero-knowledge proof finishes generating. The full Recovery Update is posted on Binance’s own announcement page.
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