Binance said on Wednesday it has replenished about 98% of the assets taken in last week’s $6.3 billion hack and widened its proof-of-reserves coverage, while Bitcoin climbed back above $80,000 as markets took the Democratic midterm sweep in stride.
MoneyTurkey Crypto Desk | 4 November 2026
Key points
- Binance, hacked for $6.3 billion on Oct. 29, said it has replenished about 98% of affected assets and is buying the remaining 2% through market and over-the-counter channels.
- Its proof-of-reserves coverage now spans 44 tokens, up from 10, and a new zero-knowledge proof is expected to take 50 to 60 hours to generate.
- Bitcoin rose 3.5% to about $80,500 and ether nearly 6% to $2,433 on Wednesday afternoon, according to The Block.
What Binance said
The exchange was exploited for $6.3 billion on Oct. 29, the largest crypto theft on record. On Tuesday Binance said the attackers used a fake job interview and an internal AI tool to carry out the breach, according to The Block.
On Wednesday it said about 98% of the affected assets had been replenished. The last 2% is being bought in the market and over the counter, which is taking longer because those tokens trade thinly. Binance also expanded its proof-of-reserves report, which lets users check that customer balances are backed, to 44 tokens from 10.
Coinbase said in a blog post that it was not affected, that it keeps more than 99% of customer assets in cold storage, and that it uses distributed private keys, withdrawal limits and anomaly detection to block unauthorised transfers.
Market reaction
Bitcoin has recovered its post-hack losses. Bitwise chief investment officer Matt Hougan said its roughly 4% drop after the breach was in line with other risk assets, and that the hack hit an exchange’s online hot wallets, not the Bitcoin network. Looking at the 10 largest crypto hacks, he found Bitcoin was higher 30 days later in five cases and lower in five.
Nexo said traders were adjusting existing positions rather than adding leverage: crypto futures volume rose 27% while open interest rose only 3%, and about $469 million of leveraged positions were flushed out. Strategy and Coinbase shares gained about 6% each.
Why it matters
A fast refill and a wider reserves audit narrow the tail risk that a shortfall at the largest exchange spills into the rest of the market. The remaining 2% and the new proof are the next tests. 21Shares strategist Matt Mena said he is watching whether Bitcoin holds $76,000 to $78,000 and sustains a move back above $80,000 to $82,000, and Binance’s progress on withdrawals and reserves.
What to watch
- Publication of Binance’s new zero-knowledge reserves proof, expected in 50 to 60 hours
- Purchases of the remaining 2% of hacked assets
- Whether Bitcoin holds above $80,000
Related on MoneyTurkey
- Crypto movers: Democrats sweep midterms, TRUMP token falls 18.7%
- SEC Staff Clear Canton Coin as a Commodity a Week After DTCC Went Live on Canton
For information only. Not investment advice.
Sources
- The Block (Nov. 4, 2026): Coinbase says 99% of customer assets sit in cold storage after Binance’s $6.3 billion breach
- The Block (Nov. 4, 2026): Bitcoin rebounds past $80,000 as markets shrug off midterms and Binance hack
