Binance reports full 1:1 backing for its ten largest user assets after breach

what happened

Binance said the ten assets its users hold most are now backed 1:1. The list includes BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. According to Crypto Briefing, the exchange made the statement on October 31, 2026.

Such reassurances are usually routine, but this one follows a security incident that reportedly cost the exchange around $6.34 billion. Binance says it has covered about 90% of the impact using a partial deployment of its Secure Asset Fund for Users (SAFU) and corporate funds. The remaining 10%, mostly tied to lower-liquidity tokens, is still being bought back through market and OTC channels.

Binance published a new Proof of Reserves snapshot at 00:00 UTC on October 31, and a more detailed verification proof using zk-SNARKs and Merkle trees is expected by November 3. Withdrawals, paused during an internal security review, are set to restart in phases from November 1, one token at a time.

why it matters

Proof of reserves shows assets on hand at a single moment, and its value depends on whether the liabilities side is complete and accurate. The October 31 statement is a claim for now; the checkable proof due November 3 is what will test it. Market watchers should track the order in which tokens reopen and whether the remaining 10% of losses is closed out.

market impact

Crypto market: confidence in a major exchange is at stake, especially for holders of less liquid tokens.

• ↔Binance user confidence in lower-liquidity tokens mixed — reassurance on backing versus the unresolved 10% of losses

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