Binance’s SAFU Fund Is Down to About 7,500 Bitcoin, Half of Its February Balance

Binance’s SAFU emergency fund now holds just above 7,500 BTC, about half of what it held before the record hack, according to wallet data cited by CoinDesk. At roughly $77,000 per bitcoin, the remainder is worth about $580 million.

The wallet held 15,000 BTC in February, after Binance finished converting the roughly $1 billion fund from stablecoins into bitcoin. Four transactions on October 31 cut the balance, and Binance confirmed a transfer of 7,499 BTC tied to a partial deployment of the fund, Cointelegraph reported. Binance has said it is covering the $6.3 billion theft with its corporate treasury, SAFU and part of its futures insurance fund. It has not said how much of the insurance fund it used.

Binance has pledged to restore SAFU to about $1 billion but has given no timeline. Its published policy says it rebalances the fund to $1 billion if the value falls below $800 million because of bitcoin price moves, a rule that does not address the fund being spent. According to Cointelegraph, Binance did not answer questions about remaining reserves, further deployments or replenishment plans, and CoinDesk reported no response either.

The wallet data shows what was spent, but not what was needed. Binance says it has replaced about 95% of affected assets, so the open question is whether the emergency cushion is rebuilt quickly before the next stress test.

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Sources:

• CoinDesk: Binance has spent half its SAFU bitcoin, about $580 million worth, data shows

• Cointelegraph: Binance Taps Half Its SAFU Bitcoin, Releases Reserve Proof