Binance Restores 95% of Hacked Funds as Withdrawals Set to Resume
Binance has replenished approximately 95% of the assets affected by last week's record-breaking security breach, using its own funds, as the exchange moves forward with its recovery plan.
In an update published Monday, Binance confirmed that the remaining 5% consists of less-liquid tokens that it is still working to acquire. The exchange also completed a new zero-knowledge proof-of-reserves snapshot, allowing customers to independently verify that their holdings are backed on a 1:1 basis.
The latest verification covers Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USDC, XRP, USD1, RLUSD and Zcash (ZEC).
Binance said it plans to conduct another proof-of-reserves snapshot on Wednesday. The exchange also expects to gradually restore withdrawals for additional networks and assets starting Tuesday.
Generating the updated zero-knowledge proof requires additional processing time after the snapshot is completed. Binance estimates that the calculation will take approximately 40 to 50 hours, depending on the number of supported tokens.
The exchange said it would continue providing updates as it works to restore normal operations and rebuild customer confidence.
Binance Hack Recovery Continues
The recovery effort follows what is believed to be the largest known cryptocurrency exploit on record. Blockchain investigators have linked the attack to North Korean hackers, who reportedly compromised Binance's internal systems and wallet-signing mechanisms to move more than $6 billion in assets across multiple blockchains.
The stolen funds have since been moved through various networks as attackers attempt to conceal their origins. On Sunday, blockchain tracking data indicated that approximately $242 million in stolen assets had been laundered through the Tron network.
Binance's response has also involved cooperation from token issuers and decentralized finance (DeFi) protocols, which have helped coordinate efforts following the breach.
Binance Outflows Slow as Exchange Holds $127 Billion
Meanwhile, customer withdrawals from Binance have started to ease. The exchange recorded approximately $3.29 billion in net outflows over the past 24 hours, down more than 50% from an earlier peak of roughly $7 billion, according to DeFiLlama data.
Despite the substantial withdrawals, Binance still holds approximately $127.78 billion in assets across its linked onchain wallets.
The decline in outflows suggests that the initial wave of withdrawals following the security breach has slowed. However, the exchange's ability to complete its recovery, restore remaining withdrawal services and maintain customer confidence will remain important in the coming days.