Binance Says SAFU Fund and Company Funds Will Cover All Losses

Binance said it will cover all losses tied to the reported security incident with money from its SAFU fund and company funds, committing exchange resources to absorb the impact while recovery efforts proceed. The announcement did not specify the total loss amount.

Binance also reiterated that user funds are safe.

Deposits and withdrawals have been temporarily suspended as security checks continue. The exchange has also revoked authorizations for addresses affected by the incident.

Binance has contacted law enforcement and blockchain intelligence partners to trace the funds and seek their recovery. It did not disclose a recovery amount.

An updated proof of reserves will follow once repair work is complete, the exchange said. The announcement did not provide a date for that update or a timetable for resuming deposits and withdrawals.

Together, the measures pair a pledge to absorb losses with a temporary halt to deposits and withdrawals while Binance handles the security response.