Binance's SAFU wallet balance drops to 7,500 BTC after a 7,499 BTC transfer, leaving the $1 billion emergency fund partially depleted with no immediate restoration plan.
Binance transferred 7,499 BTC from its SAFU fund, reducing its Bitcoin holdings to about 7,500 BTC, reflecting a drawdown to cover hack losses.
Binance has reduced its Secure Asset Fund for Users (SAFU) Bitcoin holdings to approximately 7,500 BTC following a transfer of 7,499 BTC. The exchange has not provided a specific timeline for replenishing the fund, which was originally valued at $1 billion to protect users against security breaches.
The Secure Asset Fund for Users (SAFU) is an emergency insurance fund established by Binance to protect user assets in the event of security breaches or extreme market volatility.