Binance Uses Half of SAFU Reserve Fund After Massive Hack
The exchange transferred 7,499 BTC to cover losses from a record 6.3 billion dollar theft.
Binance has moved half of the balance from its emergency wallet known as SAFU. The transfer of 7,499 Bitcoin took place last Saturday to address damages caused by a 6.3 billion dollar cyberattack.
The protection fund now holds approximately 7,500 Bitcoin. This amount is worth about 583 million dollars. Before the operation, the wallet held a balance of nearly 15,000 Bitcoin.
The exchange confirmed that the attack targeted user assets. The FBI identified the TraderTraitor group, linked to North Korea, as responsible for the breach. The company temporarily suspended withdrawals and began replenishing the affected funds.
Binance is using resources from its corporate treasury and futures insurance funds to restore capital. There is no set timeline for the fund to return to the 1 billion dollar level. Internal policy requires rebalancing only if the market value falls below 800 million dollars.
In addition to these movements, the platform released a proof of reserves with updated data. The cryptographic report shows that customer balances in ten cryptocurrencies are backed one-to-one. New records are expected to be published in the coming days to include a wider range of digital assets.
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