Binance Says Reserves Fully Backed Days After Record $6.3B Hack

Binance isn't hiding after the biggest hack in crypto history. The exchange published its Proof of Reserves report as of October 31, 2026, and every one of its ten most-traded assets is fully backed — BTC, ETH, USDT, BNB and SOL included. That confirmation landed just two days after attackers drained roughly $6.3 billion from Binance wallets across ten blockchains on October 29.

Ripple's corner of the balance sheet held up cleanly. XRP coverage came in at 100.99%, and the Ripple USD stablecoin (RLUSD) showed 100.83%. Binance had already frozen withdrawals and deposits right after the attack, so the growth in Ripple-asset balances predates the hack rather than reflecting a last-minute scramble.

The clawback started fast. About $3 billion of the stolen funds were frozen directly on-chain with help from partners including Tether, Circle and Ripple, according to u.today. To drag reserves back to a 1:1 footing, Binance threw in more than $6.34 billion of its own capital — a pile built from the SAFU fund, the Binance Futures insurance fund and retained earnings.

The last 5% of losses sit in low-liquidity tokens. Rather than dumping those on the open market and cratering spot prices, Binance is buying them back quietly through over-the-counter desks. Users who want to check the math themselves can: the report runs on Merkle trees and zk-SNARKs, letting each client verify their own balance.

The message Binance wants the market to take away is bigger than one report. The old test for an exchange was whether it got hacked; the new one is how fast it stops the bleeding and whether it has enough of its own money to cover what's missing. On this snapshot, Binance is arguing it passed both.