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

Binance’s published bitcoin wallet for its Secure Asset Fund for Users (SAFU) held about 7,500 BTC on 3 November, down from roughly 15,000 BTC before transactions on 31 October. The reduction represents about half the wallet’s bitcoin, worth approximately $580 million at the price cited in the report. The remaining bitcoin was also worth about $580 million. The blockchain record shows the movement of funds; Binance has separately confirmed that it is using part of SAFU to help replace assets stolen in a security breach it valued at more than $6.3 billion.

Binance says it will bear users’ losses, drawing on its corporate funds, part of its futures insurance fund and SAFU. It said on 31 October that about 90% of affected assets had been replenished, and pledged to restore SAFU to approximately $1 billion, without giving a date. The wallet’s reported value is below $800 million, but Binance’s published rule for topping up the fund at that level specifically refers to falls caused by bitcoin price fluctuations. It does not say when the fund must be restored after money is used. The timing of that replenishment remains unclear.