Binance uses SAFU Bitcoin after hack, proof of reserves updated
In short
Binance says its SAFU Bitcoin wallet now has about 7,500 BTC after a 7,499 BTC transfer linked to a hack.
This matters because SAFU is meant to be a safety fund for users. The reporting says there is no timeline for restoring the $1 billion fund, so the next step is still unknown.
What the reporting says
Binance’s SAFU Bitcoin wallet now holds about 7,500 BTC after a 7,499 BTC transfer linked to the hack, and the exchange released reserve proof. The summary says this reduces the fund by about half and that there is no timeline for restoring the $1 billion safety reserve. What remains unclear is the full recovery plan and whether the move fully covers user losses.
Why it matters
Binance reportedly moved 7,499 BTC from its SAFU Bitcoin wallet, leaving about 7,500 BTC, and published reserve proof. The source ties the transfer to the hack and says there is no timeline to restore the $1 billion fund. The immediate concern is the state of Binance’s backstop for users, but the report does not state the broader recovery or compensation plan.