Binance Restores 90% of Stolen Bitcoin (BTC) After Record Hack

Binance Restores 90% of Stolen Assets

Binance said on Saturday that it has re-covered 90% of the funds stolen in its record hack, up from the 80% coverage reported in its previous update. The exchange's third security bulletin, published today, lists ten assets reimbursed at 100%: Bitcoin (BTC), Ethereum (ETH), USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. The remaining 10% sits in lower-liquidity altcoins, which Binance continues to repurchase through market operations and over-the-counter trades. The company repeated that it will absorb the entire loss and that users will bear none of it. The Bitcoin (BTC) price steadied near $77,000 as the bulletin landed. Funding draws on three pools: part of the SAFU emergency fund, to be deployed within 24 hours; surplus above the required minimum in the Futures Insurance Fund; and the company's own treasury, which Binance committed to using until every stolen asset is covered, with SAFU to be rebuilt to roughly $1 billion after the drawdown. A fresh proof-of-reserves snapshot was taken at 00:00 UTC on 31 October; producing its zero-knowledge proof takes 40 to 50 hours, and full verification data is due by Tuesday, 3 November. Withdrawals, suspended since the incident, are targeted to reopen on Sunday, 1 November, though the exchange said the exact schedule is not yet approved.

Bitcoin Slips Below $80,000

Bitcoin (BTC) had rallied to $84,800 on 20 and 21 October before stalling just under $85,000, and spent the following sessions defending $80,000. The Federal Reserve held rates at its 28 October meeting, but two dissents backed a hike, and disappointment over US tech earnings knocked the market below the level. When the Binance breach surfaced on the evening of Thursday, 29 October, the drop accelerated: the coin hit $76,400, its lowest since mid-September, and our recap of the daily candle logged a 4.2% drop on October 29. Ethereum touched a two-month low near $2,178 in the same move. Derivatives data shows roughly $1.57 billion in liquidations across 24 hours, the bulk from leveraged longs, with whales among the accounts forced to close. By Saturday morning the market had steadied near $77,000 after printing a six-week low of $76,368, market data shows. The chart damage is real: $76,000 is now the nearest support, $80,000 and $82,500 serve as overhead resistance after the break, price sits well below the 50-day moving average, and the weekly candle is on course for a fourth straight red close.

Wall Street Says Buy the Dip

Sell-side research converged on a buy-the-dip stance within a day of the breach. Bitwise chief investment officer Matt Hougan, whose firm runs a spot Bitcoin (BTC) ETF, wrote in a public post that the hack does not change Bitcoin's long-term trajectory and that the price should recover within a week; historically, he added, even large hot-wallet breaches have not dented future returns. TD Cowen's Lance Vitanza argued the breach exposed a flaw in Binance's security, not in Bitcoin's technology: “When a bank is robbed, we do not stop using the dollar, just as a stolen car does not lose its value.” Cantor Fitzgerald's Ramsey El-Assal wrote that “we would be buyers on the dip,” calling the episode painful but nothing like 2022, and Compass Point's Ed Engel and Michael Donovan said Binance has ample liquidity to fill the gap. Friday's session hit crypto-linked equities first: Coinbase and Strategy each dropped about 12%, Robinhood roughly 9%, and spot flows turned negative as BlackRock's IBIT led a $643.2 million ETF outflow. Securitize CEO Carlos Domingo offered the structural counterpoint: the network itself was never hacked, he said, and the breach instead hit a centralized entity built on top of it, the way many traditional finance firms have been breached. The lone caution came from Tim Sun of Hashkey Group: the incident could temper risk appetite and push investors to reconsider centralized custody.

The 3 November Proof Test

The recovery case now rests on two operational dates rather than on price action alone. If Binance reopens withdrawals on Sunday and publishes full cryptographic reserve verification by Tuesday, 3 November, the solvency question closes and dip-buyers get their confirmation. By absorbing the loss on its own balance sheet, the exchange has converted a user-solvency scare into an ordinary corporate expense, which is why the research calls from Cantor Fitzgerald and TD Cowen target the platform rather than the asset. The macro calendar still carries weight: US midterm elections on 3 November and the jobs report on 6 November both land inside the recovery window. Our Bitcoin technical analysis keeps $76,000 as the level that matters; a weekly close under it would leave the four-week downtrend intact. For HODL investors, the episode reopens the old Bitcoin maximalism argument over leaving coins on exchanges, and readers re-entering once withdrawals resume can start with our guide, How to Buy Bitcoin on Binance.