Binance taps half its SAFU Bitcoin holdings, releases reserve proof

The article reports that Binance has significantly reduced the Bitcoin holdings in its Secure Asset Fund for Users (SAFU) wallet. Following a transfer of approximately 7,499 BTC related to a past hack, the SAFU wallet now holds around 7,500 BTC. This move indicates that a substantial portion—roughly half—of the fund's Bitcoin assets has been utilized or moved in connection with addressing the aftermath of the security breach. The article highlights that there is currently no disclosed timeline for when the SAFU fund, originally valued at $1 billion, will be fully replenished or restored to its original capacity. This event prompts questions about the ongoing liquidity and solvency measures of the exchange, particularly concerning its ability to cover potential future losses for users, despite releasing reserve proof.