The 7,500 BTC That Left Binance’s SAFU Fund Has Moved Again, to an Unlabeled Address
By Unchained
AI summary of the source article
The 7,500 BTC withdrawn from Binance’s SAFU fund on October 31 moved to an unlabeled address on November 3. Binance deployed the funds alongside its insurance fund and corporate treasury to cover losses from a hot-wallet hack.
Why it matters
Binance stated that a “partial deployment” of SAFU was part of how it was covering losses from the roughly $6.3 billion hot-wallet hack , alongside part of its Futures insurance fund and its own corporate treasury.
Key facts
- A total of 7,500 BTC withdrawn from Binance's SAFU fund on Oct. 31 moved to an unlabeled address on Nov. 3.
- Binance used a partial deployment of SAFU alongside its Futures insurance fund and corporate treasury to cover losses from a roughly $6.3 billion hack.
- Binance stated it is committed to replenishing SAFU to return the fund's size to approximately $1 billion.
Source excerpt · Unchained
Unchained's onchain pull shows the bitcoin that left Binance's SAFU fund on Oct. 31 moved again on Nov. 3, to a high-volume, unlabeled address. The 7,500 BTC still in the fund is worth about $583 million. The post The 7,500 BTC That Left Binance’s SAFU Fund Has Moved Again, to an Unlabeled Address appeared first on Unchained .