Binance Taps Half Its SAFU Bitcoin Holdings, Releases Reserve Proof
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Binance’s SAFU Bitcoin wallet now holds approximately 7,500 BTC after a 7,499 BTC transfer linked to the hack, with no timeline for restoring the $1 billion fund.
Binance’s publicly disclosed emergency Bitcoin wallet held roughly half its previous balance on Monday following the exchange’s partial deployment of its Secure Asset Fund for Users (SAFU).
As of Monday, the wallet held about 7,500 BTC, worth roughly $583 million, down from approximately 15,000 BTC before the transfer.
The theft, the largest in cryptocurrency history, forced Binance to suspend withdrawals while it worked to replace the stolen assets.
The exchange began reopening withdrawals in phases on Sunday and said it had replenished approximately 95% of the affected assets, up from 90% a day earlier. It continued buying the remaining, less-liquid tokens through market and over-the-counter transactions.
The exchange is using its corporate treasury, SAFU and part of its futures insurance fund to cover the losses.
SAFU policy sets no deadline to replace funds used after hacks.
Binance’s SAFU policy outlines regular monitoring and rebalancing of the fund’s market value.
“If the fund’s market value falls below US $800 million due to BTC price fluctuations, Binance will rebalance the fund to restore its value to $1 billion.”
Binance releases verification proof for post-hack reserves
On Monday, Binance said users could now verify their balances against its Saturday proof-of-reserves snapshot after it completed the accompanying cryptographic proof.
The exchange said the snapshot showed customer holdings in 10 cryptocurrencies, including Bitcoin, Ether and USDT, were backed at least 1:1.
The exchange plans to take another snapshot covering more tokens on Wednesday, with the accompanying proof expected to take another 40 to 50 hours to generate.