Binance SAFU bitcoin holdings halve after security breach
Binance has drawn down roughly half the bitcoin held in its emergency customer protection fund, leaving assets worth about $580 million following a $6.3 billion cryptocurrency theft. Blockchain records show that the exchange’s publicly identified Secure Asset Fund for Users, known as SAFU, held slightly more than 7,500 bitcoin on Tuesday, compared with 15,000 in February. Four transactions on 31…
Following the $6.3 billion cryptocurrency theft, Binance has reduced its bitcoin holdings in the SAFU emergency customer protection fund by around half. The SAFU fund, previously holding over 15,000 bitcoins, now contains 7,500 bitcoins following four transactions on October 31st. These transactions transferred 7,499 bitcoins as part of Binance's response to the attack, leaving the remaining holdings valued at about $580 million, or roughly 7,499 bitcoins at a price near $77,000 each.
This brings the reserve below the $800 million threshold outlined in Binance's replenishment policy, which specifically addresses declines caused by bitcoin price movements rather than withdrawals to cover losses. Binance aims to replenish SAFU to approximately $1 billion but has not specified a timeline for this restoration.
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