Binance completes proof of reserves update after hack, targets wider withdrawal recovery

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Binance proof of reserves update

Highlights

Binance replenished about 95% of hacked assets from its own funds and plans to complete replacement of remaining 5% in less-liquid tokens.
Binance's latest proof of reserves lets users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC independently verify 1:1 asset backing.
North Korean attackers exploited Binance systems to move over $6 billion in funds, marking the largest known crypto exploit and intensifying focus on exchange security.

Recovery steps and reserves timeline

As reported by The Block, Binance says users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC can independently verify through the latest snapshot that their balances are backed 1:1.

In a recovery update published Monday morning, the exchange says it has replenished about 95% of the assets affected by the hack using its own funds. Binance adds that the remaining 5%, mostly in less-liquid tokens, is still being acquired.

Binance Co-CEO Richard Teng says the latest proof of reserves verification gives users another way to check backing for their assets independently. He adds that more work remains and that the company plans to keep communicating its progress openly.

The exchange says it plans another reserves snapshot on Wednesday and expects to begin progressively restoring withdrawals for additional networks and assets on Tuesday.

Crypto sector impact after record exploit

On-chain investigators say North Korean attackers exploited Binance's internal systems and wallet-signing mechanisms to move more than $6 billion in funds across multiple blockchains, in what the article describes as the largest known crypto exploit on record.

On Sunday, SomaXBT says North Korean hackers laundered about $242 million of the funds stolen from Binance on Tron. The scale of the breach keeps attention on exchange security, custody controls and the resilience of cross-chain operations across the crypto sector.

StoneX analysts say the response from token issuers, decentralized finance protocols and Binance was faster and better coordinated than the industry had previously managed. They say that response supports business models tied to crypto infrastructure, especially regulated custody.

Our earlier article on Q3 2026 cybersecurity funding highlighted that investor demand stayed resilient even as deal counts fell, with total capital rising to $6.8 billion on the back of larger late-stage rounds. We noted that AI-driven security and identity-focused firms attracted much of the funding, while big-ticket acquisitions signaled ongoing consolidation as companies strengthen defenses against increasingly sophisticated threats.

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