Half of the Bitcoin in Binance's SAFU user protection fund has been drained.
Public addresses show that after about 7,499 coins were transferred out on October 31 $BTC , the balance dropped from roughly 15,000 coins to just over 7,500 coins. At the time, that was still worth about $580 million. The official explanation is that this was a "partial use" in response to about $6.3 billion being stolen, carried out together with the company treasury and part of the futures insurance fund; they also promised to replenish SAFU to about $1 billion, but gave no timeline.
The FAQ line about "refilling $1 billion if market cap falls below $800 million" only covers price fluctuations and does not include funds used in an incident. It is good that the money can be used as a backstop, but everyone will be watching the pace of replenishment.#SAFU #Binance
Public addresses show that after about 7,499 coins were transferred out on October 31 $BTC , the balance dropped from roughly 15,000 coins to just over 7,500 coins. At the time, that was still worth about $580 million. The official explanation is that this was a "partial use" in response to about $6.3 billion being stolen, carried out together with the company treasury and part of the futures insurance fund; they also promised to replenish SAFU to about $1 billion, but gave no timeline.
The FAQ line about "refilling $1 billion if market cap falls below $800 million" only covers price fluctuations and does not include funds used in an incident. It is good that the money can be used as a backstop, but everyone will be watching the pace of replenishment.#SAFU #Binance
