Binance Says Top 10 Assets Are Fully Backed After $6.34B Incident
Binance says its 10 most-held user assets are backed 1:1 following a security incident reportedly costing about $6.34 billion. The assets are BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
The exchange says it has covered about 90% of the incident’s impact using part of its SAFU fund and corporate funds. The remaining 10%, largely involving lower-liquidity tokens, is still being addressed through market and over-the-counter purchases.
Binance published a new Proof of Reserves snapshot on October 31, 2026, and says a more detailed verification using zk-SNARKs and Merkle trees is expected by November 3. Its previous snapshot, dated October 1, showed major-asset reserve ratios at or above 100%; customer assets were about $129.4 billion against roughly $135.8 billion in on-chain reserves.
Withdrawals, paused during a security review, are scheduled to resume in phases from November 1. Traders will be watching the withdrawal rollout, the independently checkable proof of reserves, and whether Binance closes the remaining shortfall.
Neutral
The news is mixed, making a neutral market assessment most appropriate. Binance’s claim that its top 10 user assets are fully backed, alongside phased withdrawal reopening, may ease immediate concerns about solvency and reduce the risk of panic withdrawals. This could support confidence in BNB and broader crypto sentiment in the short term.
However, the reported $6.34 billion impact is substantial, about 10% remains unresolved, and the exchange’s detailed cryptographic verification is not expected until November 3. Traders may remain cautious until the proof is published and withdrawals operate normally. In past exchange-security and solvency scares, reassurance can calm markets, but confidence often depends on verifiable reserve and liability data rather than statements alone.
Short-term trading could therefore be driven by withdrawal updates, the forthcoming proof, and flows in exchange-related assets such as BNB. A credible, complete verification could reduce counterparty-risk concerns; delays, discrepancies, or further withdrawal restrictions could revive selling pressure and volatility. Proof of reserves is only a snapshot, and its usefulness depends on complete and accurate liability disclosure, so it does not by itself establish the exchange’s full financial health.