Binance says thinly traded tokens are delaying full replacement of stolen assets

Binance said in its Nov. 2 recovery update that less-liquid tokens were slowing the replacement of stolen assets. It put the outstanding replenishment at approximately 5% of the impacted amount, while a separate withdrawal phase was scheduled for Nov. 3.

The new phase was scheduled to begin at 04:00 UTC. In Binance's Nov. 3 update, the exchange said availability would expand progressively as security and readiness checks were completed for individual assets and networks.

Together, the disclosures explain why a commitment to cover stolen funds can coexist with unfinished recovery. Funding the purchases, obtaining the specific tokens and restoring the routes through which customers withdraw them are separate tasks.

Compare the other recovery milestones

Binance said proof for ten tokens at the October 31 snapshot was complete on November 2. This concerns backing at that snapshot.

A replenishment percentage does not establish that a particular withdrawal route is available.

Binance's statements are attributed reporting. The denominator's valuation basis is unspecified. No live route status or unreplenished token identity is established; the October 31 proof concerns ten named tokens.

Sources and evidence

Sources

1. Binance Recovery Update #6, Nov. 3
2. Binance Recovery Update #4, Nov. 1
3. Binance Recovery Update #5, Nov. 2

Supporting facts

• Binance announced a further progressive withdrawal rollout beginning at 04:00 UTC on November 3, with listed assets becoming available as security and readiness checks are completed rather than all at once. [1]
• Binance's November 3 update says it is restoring each network-asset pair after security checks, prioritizing tokens using demand over the past week, and adding more assets as they become ready. [1]
• Binance reported on November 1 that it had covered approximately 95% of the impacted amount and repeated that figure on November 2. [2] [3]
• Binance said the outstanding approximately 5% of the impacted amount comprised tokens outside BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, and that these less-liquid assets take longer to source at the required scale. [3]
• Binance said it was continuing to acquire the remaining affected assets through market and over-the-counter channels and working with industry partners on the acquisitions. [2] [3]
• Binance said on November 2 that the zero-knowledge proof for its October 31, 00:00 UTC reserve snapshot was complete and users holding the ten named tokens could verify at least one-for-one backing. [3]
• Binance's ten-token snapshot and associated proof concern a specified asset set at October 31, 00:00 UTC; the withdrawal rollout separately concerns asset-network pairs and security readiness. [3] [1]
• Binance's November 3 planned-withdrawal table includes RLUSD on the Ethereum and XRP networks and USDC on Sui, but the announcement does not establish that all those routes are currently available. [1]
• Binance advised users to check the withdrawal page for their chosen asset and network or its network-status page, and warned that rollout traffic could cause delays or longer processing times. [1]

Method

Source-bound comparison of Binance's disclosures. The approximate 95/5 bar represents the stated shares of the impacted amount, not token counts, dollars or withdrawal routes. Named pairs are examples from the planned November 3 table.

Scope

Binance's statements are attributed reporting. The denominator's valuation basis is unspecified. No live route status or unreplenished token identity is established; the October 31 proof concerns ten named tokens.

Infographic by CryptoSlate

Why the remaining tokens take longer

Binance reported approximately 95% replenishment of the impacted amount in its Nov. 1 recovery update. It repeated that figure on Nov. 2, attributing the outstanding portion to tokens outside the ten assets it said were fully backed: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.

The exchange said the remaining assets were less liquid and took longer to source in the required quantities. It described continued purchases through market and over-the-counter channels, alongside work with industry partners to finish the acquisitions.

In its Oct. 31 update, Binance identified corporate treasury, a planned partial deployment of its Secure Asset Fund for Users and a portion of its futures insurance resources as recovery funding sources.

The percentage also has a narrower meaning than a general recovery score. Binance describes the denominator as the impacted amount. It does not specify the valuation basis in those disclosures, so the remaining 5% cannot safely be converted into a dollar shortfall. Nor does 95% describe the proportion of tokens or withdrawal routes restored.

Binance's Nov. 2 update said the zero-knowledge proof for its Oct. 31, 00:00 UTC reserve snapshot was complete. It said holders of the ten named tokens could independently verify that their balances were backed at least one-for-one.

The proof concerns a defined set of assets at a dated snapshot. Backing at that snapshot does not establish present availability of every withdrawal route.

The latest withdrawal table illustrates why the network matters alongside the token. It includes RLUSD on Ethereum and XRP, and USDC on Sui, among routes planned for progressive reopening. Those entries identify the scope of the rollout, not which tokens remain unreplenished or whether each route is currently operational.

Restoring each withdrawal route

Binance said it was prioritizing tokens according to demand over the preceding week and restoring each network-asset pair after security checks.

For holders, the immediate check is the chosen asset and network. Binance directed users to its withdrawal page or network-status page to confirm availability, and warned that rollout traffic could cause temporary delays or longer processing times.

A separate transparency milestone is still ahead. Binance said it planned a Nov. 4 reserve snapshot covering more tokens, followed by proof generation estimated to take approximately 40 to 50 hours.

Binance reiterated that it would bear the financial impact of the stolen funds rather than pass losses on to users.