Binance taps half its SAFU Bitcoin holdings, releases reserve proof
Binance’s SAFU Bitcoin wallet now holds about 7,500 BTC after a 7,499 BTC transfer linked to the hack, with no timeline for restoring the $1 billion fund.
After the $6.3 billion crypto hack, Binance has tapped half of its SAFU Bitcoin reserves and released a proof of reserve, according to the exchange. The SAFU Bitcoin wallet now holds approximately 7,500 BTC, valued at $583 million, down from the previous 15,000 BTC balance. The transfer of 7,499 BTC was linked to the emergency deployment of the Secure Asset Fund for Users (SAFU).
The exchange confirmed the transfer took place on Saturday and the wallet now holds about 7,500 BTC, down from around 15,000 BTC before the transfer. Binance began reopening withdrawals on Sunday and has replenished approximately 95% of the affected assets. The FBI linked the attack to North Korea, attributing it to the hacker group TraderTraitor.
Binance is using its corporate treasury, SAFU, and part of its futures insurance fund to cover the losses. The exchange plans to take another proof-of-reserves snapshot covering more tokens on Wednesday.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Bitcoin ETFs shed $643 million following Binance breach thearabianpost.com
- El bitcoin acusa las salidas en ETF y Binance expansion.com
- Bitcoin ETFs sink into October outflows with $643M exit after Binance hack cointelegraph.com
- Strangers are begging the Binance hacker for bitcoin, one ‘help me bro’ at a time coindesk.com
