Read this article on bsc.news Binance (@binance) co-founder Changpeng Zhao (@cz_binance) has reaffirmed that customer assets on the exchange remain fully backed, following the release of an e
Binance (@binance) co-founder Changpeng Zhao (@cz_binance) has reaffirmed that customer assets on the exchange remain fully backed, following the release of an expanded Proof of Reserves snapshot after the platform's October 29 security breach.
Zhao reposted the announcement, writing "100% 1:1 backing. Funds are SAFU!"
Binance says it has replenished all customer assets affected by the October 29 breach and expanded its latest Proof of Reserves snapshot to 198 tokens.The exchange committed more than $6.34 billion through market and over-the-counter purchases of the affected tokens, drawing on the Secure Asset Fund for Users (SAFU), part of its futures insurance fund and its corporate treasury.After drawing from SAFU, Binance has pledged to restore the fund to about $1 billion.The latest announcement did not break down how much each source contributed.
The snapshot follows an earlier reserve update. That earlier snapshot showed customer holdings in 10 cryptocurrencies, including Bitcoin, Ether and USDT, were backed at least 1:1.
Users will be able to check the collateralization themselves, but not yet for the full snapshot. The full zero-knowledge proof needed for independent verification was still being generated.Binance said generating the proof takes 40 to 50 hours of computation, and the method lets users verify holdings without revealing all transaction details.Once it is ready, users holding the affected tokens will be able to verify that their balances are backed at a minimum 1:1 ratio.
Until then, customers cannot independently confirm the claim. Binance has described the snapshot as providing an updated view of assets that are fully accounted for.
In an update on its security incident, Binance said its hot wallets were compromised at around 20:05 UTC on October 29, 2026, resulting in a loss of approximately $6.3 billion in token assets.Security firm Hacken reported that the attacker emptied hot wallets on 10 blockchains, including Ethereum, Bitcoin, Tron, the XRP Ledger and Solana.Binance's initial investigation suggested the incident may involve a compromised DevOps engineer's laptop, and it found no evidence of a wallet private key leak.
US prosecutors have also secured authorization to seize more than $1.2 billion of the stolen crypto.
Proof of Reserves shows whether user assets are backed 1:1, while SAFU is the emergency fund meant to cover losses if something goes wrong. The two are separate mechanisms, and the breach tested both.
The Crypto Times: Binance Covers $6.34B in Hack Losses as DOJ Targets $1.2B
Cointelegraph: Binance Taps Half Its SAFU Bitcoin, Releases Reserve Proof
