Binance Draws Down Half Its SAFU Bitcoin While Publishing New Reserve Proof
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November 2, 2026 11:22 am
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Binance has used roughly half of the Bitcoin held in its publicly disclosed emergency fund while it works through the aftermath of the largest cryptocurrency theft on record.
The exchange confirmed that a 7,499 BTC transfer was tied to a partial deployment of its Secure Asset Fund for Users, better known as SAFU. At the same time, Binance published a new proof-of-reserves update intended to show customers that covered balances remained backed.
Those are two separate questions, and both matter. The reserve proof addresses customer assets at the snapshot.
The SAFU drawdown shows how much of Binance’s emergency cushion has already been put to work—and raises the question of when that fund will be fully restored.
About half the disclosed Bitcoin moved
Cointelegraph reported that the disclosed SAFU Bitcoin wallet held about 7,500 BTC on Monday, worth roughly $583 million at the time. Before the transfer, it held about 15,000 BTC.
Binance publicly identified the 7,499 BTC movement as the completed SAFU transfer connected to its response.
Update: SAFU fund transfer is complete – this was the large 7,499 $BTC transfer visible here: https://t.co/WIUQHtGE7O
— Binance (@binance) October 31, 2026
The exchange has said it is drawing on its corporate treasury, SAFU and part of its futures insurance fund to replace assets lost in the $6.3 billion hack. Withdrawals began reopening in phases on Sunday, and Binance said approximately 95% of the affected assets had been replenished by Monday.
Less-liquid tokens were still being purchased through market and over-the-counter transactions, according to the report. That means the recovery process was advanced but not yet finished.
The replenishment timeline is still unclear
Binance’s published SAFU policy says the fund is monitored regularly and will be rebalanced back to $1 billion if Bitcoin price fluctuations push its market value below $800 million. The policy does not spell out a deadline for rebuilding the fund after money is withdrawn to cover a security incident.
That distinction is important. A price-based rebalancing rule is not the same thing as a post-loss replenishment schedule.
Customers can see that the emergency fund was used for its stated purpose, but they still do not have a public date for when its full cushion will be restored.
Binance releases a new reserve proof
Binance also said customers could verify their balances against a Saturday proof-of-reserves snapshot after the accompanying cryptographic proof was completed. The snapshot covered 10 cryptocurrencies, including Bitcoin, Ether and USDT, and the exchange said customer holdings were backed at least 1:1.
The company linked directly to the completed update from its official account.
— Binance (@binance) November 2, 2026
A second snapshot covering additional tokens was planned for Wednesday, with the cryptographic proof expected 40 to 50 hours later.
Proof of reserves can help customers compare reported liabilities with onchain assets at a particular moment, but it is not a complete audit of an exchange’s finances. It does not by itself settle questions about offchain liabilities, corporate obligations or the speed at which an emergency fund will be rebuilt.
For Binance, the next confidence test is therefore broader than reopening withdrawals. The exchange has to finish replacing the remaining assets, keep reserve data current, and explain how quickly SAFU returns to full strength after absorbing a historic loss.
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