Binance says it repaid customers after record $6.3B hack

Binance stated on Thursday that it has restored every token lost in its unprecedented $6.3 billion hack. However, customers cannot independently verify this yet because the cryptographic proof for its new reserves snapshot has not been released.

The proof in question is a zero-knowledge proof, a mathematical verification that allows users to confirm the exchange holds at least one coin for each one it owes. Until that proof is published, the exchange's word is all that backs approximately $132 billion in customer assets.

What Did Binance Replace, and Who Paid for It?

Binance wallets were drained by hackers on October 29. The FBI later identified TraderTraitor, a North Korean hacking group, as the perpetrator and asked exchanges to block wallets linked to the theft.

By November 2, Binance said it had replenished roughly 98% of the impacted assets. The remaining shortfall was mainly in thinly traded tokens, which the exchange subsequently purchased on the open market.

According to Bloomberg, Binance has stated that customers will not suffer the loss. The company funded the restoration from its corporate treasury and insurance funds. It also drew on its Secure Asset Fund for Users (SAFU), an emergency reserve typically kept at around $1 billion.

Co-CEO Yi He stated that this year's revenue would be sufficient to cover the entire shortfall.

💁‍♀️ 100%
Binance has completed coverage of assets impacted in the security incident and we have published a new Proof of Reserves snapshot. Once the zero-knowledge proof is generated, users can independently verify that their assets are backed at a minimum of 1:1. https://t.co/KcvuQKuLg5

— Yi He (@heyibinance) November 12, 2026

Can Binance Get Any of the Stolen Money Back?

Chainalysis reported that approximately $2.8 billion of the stolen cryptocurrency had been frozen as of November 3. Frozen funds are not equivalent to recovered funds.

Withdrawals resumed in phases on November 1, with roughly $2 billion moved in the first few hours. Binance's previous zero-knowledge check, based on an October 31 snapshot, covered ten major tokens, including Bitcoin (BTC) and Ethereum (ETH).

The theft is roughly four times larger than the $1.5 billion Bybit hack in 2025. It also accounts for most of this year's hack losses, which have now exceeded crypto's on-chain revenue. The pending proof will be the first independent verification of Binance's claim.