Binance spends half SAFU bitcoin, $580M

Data shows that Binance has spent half of the bitcoin in its Secure Asset Fund for Users, reducing the emergency fund to approximately 7,500 bitcoin worth roughly $580 million. The withdrawal occurred after Binance stated it would use part of the fund alongside corporate reserves and futures insurance funds to cover losses from a $6.3 billion hack. The exchange pledged to restore the emergency fund to about $1 billion but provided no timeline for the refill. Open article →