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Binance’s published SAFU wallet held just over 7,500 bitcoin on Tuesday, about half the 15,000 BTC it held in February, according to data cited by CoinDesk. The remaining bitcoin was worth about $580 million at roughly $77,000 per coin. Binance said it would use part of SAFU funds to help cover losses from a $6.34 billion hack and restore the fund to about $1 billion, but gave no timeline.
Binance’s published Secure Asset Fund for Users (SAFU) wallet held just over 7,500 bitcoin on Tuesday, about half the 15,000 BTC recorded in February, according to blockchain data cited by CoinDesk. At a bitcoin price of roughly $77,000, the remaining balance was worth about $580 million, after Binance said it would deploy part of the fund to help cover losses from a major hack.
The wallet address Binance identifies as its SAFU fund, 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD, received or sent four transactions on Oct. 31 that reduced its bitcoin holdings, according to data from mempool.space cited in the report. The wallet held 15,000 BTC in February, when Binance completed its conversion of the roughly $1 billion fund from stablecoins into bitcoin.
Binance said on Oct. 31 that it would make a partial deployment of SAFU as part of funds set aside to address the hack, alongside corporate treasury resources and a portion of its futures insurance fund. The exchange put the total amount set aside at $6.34 billion and pledged to restore SAFU to about $1 billion. It has not provided a date for that replenishment.
The company’s SAFU FAQ says Binance rebalances the fund to $1 billion if its value falls below $800 million because of bitcoin price fluctuations. That stated rule addresses declines in the fund’s market value; it does not specify how quickly Binance will replace assets spent on losses. CoinDesk said it had contacted Binance for comment.
A Smaller Buffer for Users
SAFU is an emergency fund Binance established to provide a source of protection for users in certain cases. The reported reduction means its published bitcoin holdings now represent a smaller pool of assets than the roughly $1 billion balance Binance said it intended to maintain. That matters because users and observers may look to the fund as one part of the exchange’s response to losses, even though the wallet balance alone does not show the full resources available to Binance.
Binance has said SAFU is only one source being used alongside corporate reserves and futures insurance funds. The exchange has not disclosed how much of each source will be used, so the reported wallet balance should not be treated as the total amount Binance has available for the incident. The $580 million figure is also an estimate based on the bitcoin price cited in the report; its dollar value changes as the market price moves.
The unanswered refill date leaves a practical question for users: how long the fund will remain below its stated target after the deployment. Binance’s existing rule covers a fall below $800 million caused by BTC price movements, but the reported spending is a different circumstance. The public information does not establish whether another policy governs replenishment after a payout.
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From Stablecoins to Bitcoin
Binance completed a shift of the SAFU fund from stablecoins into bitcoin in February, when the wallet held 15,000 BTC and the fund was valued at roughly $1 billion. The latest reported balance follows the exchange’s Oct. 31 announcement that it would draw on SAFU as part of its response to a hack that Binance said involved $6.34 billion in funds set aside to cover losses.
The sequence is relevant because the fund’s bitcoin holdings can change in dollar value even without transfers: a rise or fall in BTC prices affects the value of the reserve. In this case, CoinDesk’s report attributes the reduction in the number of bitcoin to four Oct. 31 transactions, while the approximately $580 million valuation uses a price near $77,000 per coin. The exchange’s FAQ describes a price-based top-up threshold, not a timeline for replacing bitcoin used in the hack response.
A separate CoinDesk report said Binance stated it had replaced 90% of the stolen cryptocurrency. That recovery figure does not, by itself, explain how much SAFU was spent, how much came from other sources, or the final cost of the incident.
Refill Timing and Spending Details
Binance has not disclosed when it will restore SAFU to about $1 billion or how much of the fund has been spent. The reported wallet balance shows the bitcoin held at a particular address, not the total value of all resources committed to the hack response.
The exchange has also not said how much it drew from its futures insurance fund, or detailed the relative contributions from SAFU and corporate reserves. The available information does not clarify whether the four Oct. 31 transactions account for all SAFU use related to the incident. CoinDesk said it had sought comment from Binance; the report does not include a response.
Watch for a Refill Schedule
The next key information would be a Binance update on the amount spent from SAFU, the sources used to cover the hack losses, and a schedule for restoring the fund to its stated target. A further wallet balance check can show whether the published address has received additional bitcoin, but it would not on its own establish the full accounting of the incident.
Until Binance provides those details, the confirmed figures remain the reported wallet balance of just over 7,500 BTC, the approximate $580 million valuation at the cited market price, and the company’s pledge to restore SAFU to about $1 billion without a specified deadline.
Key Questions
How much bitcoin is in Binance’s SAFU wallet?
The wallet held just over 7,500 BTC as of Tuesday, according to mempool.space data cited by CoinDesk. Its estimated dollar value was about $580 million at roughly $77,000 per bitcoin.
Why did Binance use SAFU funds?
Binance said it would deploy part of SAFU alongside corporate treasury resources and a portion of its futures insurance fund to help cover losses related to a $6.34 billion hack response.
Has Binance said when it will replenish SAFU?
No timeline was provided in the report. Binance pledged to restore the fund to about $1 billion, but has not said when it expects to do so.
Does Binance’s $800 million rule cover this spending?
The SAFU FAQ describes rebalancing to $1 billion if the fund falls below $800 million because of bitcoin price fluctuations. It does not specify a rule or timetable for replenishing assets spent on losses.
Does the wallet balance show Binance’s total resources for the hack?
No. Binance said it would also use corporate reserves and part of its futures insurance fund. The amount drawn from each source has not been fully disclosed in the available information.
Source: coindesk.com
