Binance Says October Hack Losses Are Covered, Expands Reserve Disclosure

Binance announced that it fully covered assets affected by its October hack using the exchange’s own financial resources, according to all four outlets covering the development. Crypto.news dates the announcement to November 12. Blockonomi’s more precise account puts the affected assets at $6.34 billion, while Crypto.news, Cointelegraph and BeInCrypto use a rounded figure of $6.3 billion. The company also published a new Proof of Reserves snapshot following the reimbursement announcement. The earlier November 4 update from Binance, as summarized by Blockonomi, said 98% of affected tokens had been replenished and that purchases were still underway. The later announcement stated that all affected assets had now been replaced. Blockonomi also reported that the new reserve snapshot covers 44 cryptocurrencies, compared with ten in the previous assessment, marking a substantial expansion in the number of assets represented in the disclosure. Across the coverage, Binance’s replacement of affected assets and publication of an updated reserve snapshot are consistently presented as completed or underway steps. Crypto.news and BeInCrypto specifically note that users are still awaiting the promised zero-knowledge proof, which the accompanying coverage says has not yet been released. No outlet supplies the numerical contents of the new reserve snapshot, leaving the published list of covered cryptocurrencies as the most detailed figure currently available in the supplied reporting. Cointelegraph adds context about the route into the October incident. In a July interview, Binance chief security officer Jimmy Su explained that fake coding assessments could be used to compromise employee devices. Cointelegraph reports that this tactic was later used in the exchange’s record-breaking hack. That account is the only one of the four summaries to provide detail about how employee devices may have been compromised. The disclosure came against a broadly weak crypto market backdrop. The total crypto market capitalization stood at $2.45 trillion, while the overall market was broadly lower. Bitcoin was down 4.23% over 24 hours, and the Fear and Greed index registered 28, placing sentiment in the “Fear” range. No cryptocurrency involved in the reported hack is named in the supplied material, so Bitcoin functions here as a broader market indicator rather than an asset directly linked to the incident. The next verifiable milestone identified by the coverage is Binance’s promised zero-knowledge proof for the expanded reserve snapshot. A reader can watch whether that proof is released and whether it addresses the verification questions raised by users awaiting confirmation of Binance’s reimbursement claim. The 44-cryptocurrency scope provides the latest stated expansion, but the reporting does not yet establish how the pending proof will be structured or what additional figures it will reveal.