On Monday, Binance’s emergency Bitcoin wallet held about 7,500 BTC, worth $583 million, after Binance used its user protection fund to cover losses from a hack. Binance confirmed that the 7,499 BTC transferred out on Saturday came from a partial drawdown of its Secure Asset Fund for Users (SAFU). The fund’s policy does not specify a deadline for replenishing funds withdrawn after a security incident. Binance also published cryptographic proof of its reserve snapshot from Saturday. The exchange said the snapshot showed that all 10 cryptocurrencies held by customers had at least 1:1 reserve backing.