Binance Transfers 7,499 BTC From SAFU as Recovery Reaches 90%

Binance completed a transfer of 7,499 Bitcoin (BTC) from its Secure Asset Fund for Users (SAFU) on Saturday, Oct. 31, adding to the exchange's effort to replace assets lost in a breach. The transfer was valued at about $581 million. Binance put replenishment at about 90% of the lost amount, up from roughly 80% previously. Binance estimated losses from the breach at about $6.3 billion and said it had allocated more than $6.34 billion in company funds to cover them. The funding effort includes a partial use of SAFU, funds from Binance's futures insurance pool and its corporate treasury.

Source: TokenPost