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Binance SAFU Fund Falls Below $800 Million Threshold After Record Hack Coverage

Published

18 hours ago

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Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500 BTC—approximately $580 million at prevailing prices—according to on-chain data tracked on November 3, 2026. The fund has dropped below the $800 million level that Binance’s own rules identify as the trigger for a top-up.

The drawdown followed the exchange’s response to the late-October security incident in which roughly $6.3 billion in assets were taken from hot wallets. Binance stated it covered the majority of the loss from a combination of SAFU, its Futures Insurance Fund, and corporate treasury, restoring approximately 90–95% of customer balances without external financing. Co-CEO Yi He previously indicated that half of the SAFU Bitcoin would be deployed and that the fund would later be replenished toward the $1 billion level.

No official timeline for the refill has been published. Customer withdrawals, which were phased back online after the incident, have shown large net outflows in the days following reopening, with multiple trackers reporting multi-billion-dollar net withdrawals in the first 24 hours. Binance has also increased rebates for smaller market makers to support liquidity.

The episode underscores both the scale of the exchange’s balance-sheet capacity and the transparency questions that arise when an emergency reserve is substantially reduced during a major incident. Market participants continue to monitor the on-chain SAFU wallet and any subsequent Proof-of-Reserves updates as Binance works through remaining less-liquid assets and the ongoing investigation into the TraderTraitor-attributed attack.

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DeFi

Bitcoin Falls Below $77,000 as Chip Stocks Sell Off Ahead of U.S. Midterms

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18 hours ago

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November 3, 2026

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Bitcoin traded under $77,000 on November 3, 2026, down roughly 2% over 24 hours, as a deepening sell-off in semiconductor stocks weighed on risk assets ahead of the U.S. midterm elections.

On November 2, Bitcoin closed near $76,677 according to a CoinMarketCap snapshot, marking a 24-hour decline of 2.01% and a market capitalization of approximately $1.542 trillion. Broader crypto market capitalization stood near $2.56 trillion. The Nasdaq 100 moved into correction territory, and Asian equities followed lower as chip-sector weakness intensified.

Zcash was among the weakest large-cap performers, falling more than 8–11% on the day. The move came against a backdrop of residual caution after the October 29 Binance security incident and recent multi-hundred-million-dollar outflows from U.S. spot Bitcoin ETFs.

Traders cited a combination of post-hack caution, ETF redemptions, and macro risk tied to the election outcome and ongoing semiconductor weakness. Short-term support levels around $76,400–$76,800 are being watched closely as markets await midterm results and any further operational updates from Binance on its phased withdrawal restoration. Bitcoin dominance remained elevated, indicating that capital was rotating selectively rather than exiting the crypto market entirely.

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DeFi

DeFi18 hours ago

Binance SAFU Fund Falls Below $800 Million Threshold After Record Hack Coverage

Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500...
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