Binance says its top 10 user assets are fully backed after security incident

Binance says the 10 assets its users hold most are now backed 1:1. The list covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.

That is normally a routine reassurance. This time it follows a security incident that reportedly cost the exchange around $6.34 billion, so the statement carries more weight than usual.

What Binance is claiming

The confirmation came on October 31, 2026. Binance said the top 10 user assets are fully covered after it resolved the losses from the incident.

The research for this report says the exchange has covered approximately 90% of the total impact. The money came from a partial deployment of its Secure Asset Fund for Users (SAFU), plus corporate funds.

The remaining 10% is still open. Those losses are mostly tied to lower-liquidity tokens, and Binance is still buying them back through market and OTC channels.

The list itself is worth a look. Four of the 10 assets are dollar-pegged stablecoins: USDT, USDC, USD1, and RLUSD. The rest mix the two largest crypto assets, Binance’s own BNB, SOL, XRP, and ZEC.

The proof of reserves trail

Binance published a new Proof of Reserves (PoR) snapshot at 00:00 UTC on October 31, 2026. A more detailed verification proof is anticipated by November 3, 2026.

That proof is expected to use zk-SNARKs and Merkle trees. The goal is to let users confirm independently that their balances are backed 1:1 or better.

The previous snapshot gives a useful baseline. On October 1, 2026, reserve ratios for major assets sat at or above 100%.

BTC came in at 100.35%. ETH sat right on the line at 100.00%, and USDT was at 103.88%.

Customer assets on Binance totaled approximately $129.4 billion as of early October. On-chain reserves came to about $135.8 billion, slightly above net liabilities.

The October 31 snapshot should show how those ratios held up after the incident. The November 3 proof is when outside verification becomes possible.

Withdrawals and what comes next

Withdrawals were paused during an internal security review. They are scheduled to restart on November 1, 2026, in phases, one token at a time.

For users, the order of events matters. Binance announced the backing on October 31, withdrawals begin reopening November 1, and the verification proof is expected by November 3.

Customers will be able to move some funds before they can check the cryptographic proof.

What this means for users and the industry

The biggest open item is the 10% of losses not yet covered. Binance says the gap sits mostly in lower-liquidity tokens, so major holdings appear protected while holders of smaller assets wait.

The verification proof is the next real test. A full backing claim on October 31 is a statement, while a checkable proof on November 3 is evidence.

There are limits to keep in mind. Proof of reserves shows assets on hand at a moment in time, and its value depends on the liabilities side being complete and accurate.

For now, the claim is clear and the timeline is set. Users should watch three things: the order in which tokens reopen, the November 3 proof, and whether the remaining 10% gets closed out.