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

The user protection fund now sits below the $800 million level that Binance’s own rules say triggers a top-up, and the exchange hasn’t said when it will refill it.

The top 3

  1. Impact of SAFU Depletion on Policy and Governance: Binance's SAFU policy dictates a restoration to $1 billion if the fund's value drops below $800 million. While the current Bitcoin holdings in the fund have fallen to approximately $583 million due to the $6.3 billion hack, the internal policy explicitly lacks a fixed deadline for this replenishment.
  2. Recovery Strategy and Asset Verification: To address the historic $6.3 billion hack, Binance is utilizing a combination of its corporate treasury, remaining SAFU reserves, and futures insurance funds to cover liabilities. The exchange has reopened withdrawals in phases and provided cryptographic proof-of-reserves to verify that customer holdings remain backed at least 1:1.

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