Binance spends half its SAFU bitcoin to cover the $6.3B hack

Binance moved 7,499 bitcoin from its Secure Asset Fund for Users on Oct. 31, cutting the emergency wallet from about 15,000 BTC to 7,500 BTC to help cover the $6.34 billion it set aside for hack losses. SAFU is the exchange’s user-insurance fund; in February Binance converted roughly $1 billion of it from stablecoins to bitcoin. At about $77,000 per coin, the remaining balance was about $577 million. Binance has promised to restore SAFU to around $1 billion but gave no timeline, and its FAQ’s $800 million rebalancing threshold applies only to bitcoin price fluctuations, not payouts after a hack.