Binance Moves 7,499 Bitcoin From SAFU After $6.3 Billion Hack

Binance moved 7,499 Bitcoin (BTC) from its Secure Asset Fund for Users to help cover losses from a $6.3 billion hack, cutting the fund’s disclosed BTC balance in half and leaving no restoration timetable.

The transfer on Saturday, Oct. 31, left about 7,500 BTC in the wallet, worth roughly $583 million on Monday, Nov. 2. That was down from about 15,000 BTC before the transfer.

Binance’s SAFU policy calls for rebalancing if the fund’s market value falls below $800 million because of Bitcoin price fluctuations, with the goal of returning it to $1 billion. The policy sets no deadline for replacing funds used after a security incident.

Binance completed cryptographic proof for a Saturday reserve snapshot on Monday, allowing users to verify balances across 10 cryptocurrencies, including Bitcoin, Ether and USDT. Binance said the holdings were backed at least 1:1. The exchange reopened withdrawals in phases Sunday, Nov. 1, and said it had replenished about 95% of the affected assets.

Binance plans another snapshot covering more tokens on Wednesday, Nov. 4; generating its proof is expected to take 40 to 50 hours.